Enecsys goes bust three years after raising £25m
Cambridge University spin-out Enecsys, a UK pioneer in long-life solar micro inverter systems, has gone bust three years after securing a further £25 million in equity financing to fund global growth.
It was the largest private equity raised in the European CleanTech sector in 2011 and designed to underpin global growth with products in Europe and North America.
Now the company has gone into administration and Baker Tilly is trying to effect a sale of all of the business or any of the assets.
Baker Tilly has only been appointed in relation to Enecsys UK Limited and not in relation to Enecsys LLC, Enecsys Europe GmbH or Enecsys Taiwan Limited.
With the normal caveat emptor provisos Baker Tilly is allowing the Enecsys website to stay live to provide as much information as possible to interested parties.
Climate Change Capital Private Equity led the 2011 Series B equity financing with an investment of £11 million.
The balance was secured from the existing Enecsys investors, Wellington Partners, NES Partners (formerly known as Bankinvest New Energy Solutions) and Good Energies, who together previously invested £8.5 million ($14.3 million) in Enecsys in a Series A financing in 2009.