Cambridge-based Enecsys has secured £25 million (US$41 million) in equity financing to help further develop its micro inverter systems technology. Climate Change Capital Private Equity led the Series B round of funding with a £11 million (US$18 million) investment, while the remaining £14 million (US$23 million) came from pre-existing investors, Wellington Partners, NES Partners and Good Energies.
The funding represents the largest private equity injection in the European cleantech sector so far in 2011 and will be used to accelerate Enecsys’ product development and cost reduction plan, while also expanding its global presence in sales, marketing, customer service and manufacturing.
“We chose Climate Change Capital Private Equity because of their excellent fit with us and they have decided to invest in Enecsys after a thorough investigation of our business strategy, technology and product road map, management team and future prospects,” Enecsys' Executive Chairman, Mossadiq Umedaly, said. “We also appreciate the confidence shown by our existing investors who have again participated in such a significant way in this financing round.”
“We are pleased with the progress that Enecsys has made since our initial investment in 2009, and the opportunity the market currently presents to Enecsys is huge; as of today Enecsys has the only certified micro inverter solution in production in the European market, which represents 75% of the world's residential solar market – this round of funding will allow us to accelerate the execution of this opportunity,” Wellington Partners’ Bart Markus added.
Solar inverters convert the DC power produced by PV modules into AC power suitable for the national electricity grid. Enecsys’ micro inverters, installed on the rail behind the modules, are suitable for both commercial and residential use and enable systems to harvest between 5% and 20% more energy thanks to the elimination of high voltage DC wiring and module performance monitoring. Enecsys recently launched its inverter range in Europe and North America.