Potential buyers queue for Enecsys
Several major industry players have expressed interest in buying Cambridge UK CleanTech business Enecsys Ltd out of administration.
The company ran out of growth capital at the end of January despite having raised £35.5 million in five years.
But Baker Tilly, which is handling the administration, said interest from potential buyers of the assets and iP was strong and they believed a good commercial platform had been built for the core technology.
Enecsys is a leading global supplier of smart, highly reliable grid-connected micro inverters and monitoring systems for the global solar power market.
Baker Tilly’s Phillip Sykes and Graham Bushby said California-headquartered Enecsys – a Cambridge University spin-out – boasts “an impressive patent portfolio around the key differential areas for inverter design with proven long-life capability, maximum power extraction and design and installation simplicity.”
Since 2010, Enecsys has sold more than 170,000 units in key US, European and Australasian markets.
Baker Tilly said the UK arm of the business had run out of working capital to fund future growth but he was hopeful of a happy ending.
Phillip Sykes said: “Enecsys has made great progress since the technology was first developed at Cambridge University in 2003.
“It is clear that a tremendous amount of effort has gone into developing and honing the core products in order to allow the group’s worldwide customers to enjoy the benefits that the innovative micro inverter architecture provides. It is regrettable that the group has recently experienced significant working capital problems.
“A number of interested parties have already made themselves known and we anticipate a high level of competitive tension amongst the big industry players. We wish to conclude a swift sale of the Enecsys assets.”