Enecsys secures £25m investment to accelerate growth
Cambridge University spin-out Enecsys Limited, a leader in long-life solar micro inverter systems, has clinched a further £25 million in equity financing to fund global growth.
The round represents the largest private equity raised in the European CleanTech sector so far this year.
Enecsys has recently launched its products in Europe and North America and the latest financing has been arranged to facilitate substantial expected growth.
Climate Change Capital Private Equity led the 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.
Mossadiq Umedaly, Enecsys’ executive chairman, said: “We chose Climate Change Capital Private Equity, one of the largest and most experienced investors in clean power, because of its excellent fit with us. It has decided to invest in Enecsys after a thorough investigation of our business strategy, technology and product road map, management team and future prospects.
“We welcome Climate Change Capital Private Equity to our strong investor team and board. We also appreciate the confidence shown by our existing investors who have again participated in such a significant way in this financing round.”
Enecsys was a contender for the inaugural Business Weekly Cambridge Graduate Business of the Year title in March. It was founded in 2003 and its patented technology was originally developed at Cambridge University.Solar inverters convert the DC power produced by solar photovoltaic (PV) modules into AC power for supply to the electricity grid. Enecsys micro inverters are installed on the rail behind solar modules, either one inverter per solar module or one for every two modules.
The Enecsys micro inverter represents a breakthrough in inverter design for residential and commercial solar PV installations as its technology has, for the first time, eliminated components that limit inverter life.
It also enables solar PV systems to harvest between five per cent and 20 per cent more energy; it makes planning and installation of PV systems easier and safer due to the elimination of high voltage DC wiring, and it enhances system optimisation by monitoring the performance of each solar module.