Chinese solar inverter manufacturer, KLNE, has announced that it has secured additional funding that will help the company realise its ambitions for increased growth and expansion.

Shanghai-based Shenergy Group, a state-owned enterprise and one of China’s top 500 companies, has decided to invest in KLNE. The Shenergy Group has a long history of involvement in traditional energy businesses such as oil and gas and has a growing interest in renewable energy.

KLNE has raised an initial tranche of £5 million (50,000,000 Yuan) on an equity basis from their new investor.

The deal was sealed in early February when the KLNE board traveled to Shanghai to meet with senior representatives from Shenergy to finalise the agreement and sign the papers.

“Shenergy are an excellent company and we are pleased that they have confidence in us,” said Paul Nicholson, marketing director of KLNE. “They took a good look at the company and saw that we have a strong, cohesive road map for the future. We are very happy that this new investment will help us to achieve our objectives.”

“As we see it, KLNE is a fine company with a great future,” said Mr. Liu of Shenergy Group “and we are proud to be associated with them.”