Electrical wholesaler, Moss Electrical, has announced that it will use funds gained from the sale of its old office to invest in solar PV research and development.

The distributor sold its Canning Town facility where the company operated from 1992-2008 for £3 million and has moved to a new distribution facility in Dartford, Kent for an investment of £10 million.

The company’s managing director, Robert Moss said that the sale of its Canning Town premises had significantly bolstered Moss Electrical’s balance sheet which has allowed the company “to make several R&D investments into the residential and commercial solar PV market”.

Moss added: “We aim to introduce a leading range of solar PV products to our portfolio very shortly”.

In addition to the R&D investment, Moss Electrical has also announced a new deal with Suzhou Hosola New Energy Co. Under the deal, Moss Electrical will work as sole UK distributors for the Chinese manufacturers range of solar inverters.

Commenting on the deal, Moss said: “We are obviously very pleased with this appointment; our residential solar experience allows us to deliver both service and quality to the UK solar marketplace.”

Eric Zhang, managing director of Hosola New Energy Co added: “We are delighted with the signing of this unique partnership with Moss which will enable us to extend our coverage into the UK, reaffirming our growth strategy. We are continually striving to select marketing leading partners with regards to our international development objectives.”