Enecsys raises £25 million in a second close

Solar power company Enecsys has secured £25 million in a Series B fundraising round to finance growth plans centred on consolidating operations in Europe and the US.

The business, which was spun-out of solar inverter technology developed at Cambridge University, has received investment from Climate Change Capital Private Equity, Wellington Partners, NES Partners and Good Energies.

Climate Change has joined as a backer of the company to lead the round with an investment of £11 million. The balance, £14 million, was secured from existing investors Wellington Partners, NES Partners and Good Energies. According to Enecsys, the fundraising is the biggest financing round so far this year in the European cleantech sector, and comes two years after the company closed Series A financing with £8.5 million.

Founded in 2003, the company’s solar inverters convert the DC power produced by solar photovoltaic (PV) modules into AC power for supply to the electricity grid. It has recently launched in continental Europe and North America, and the company says the latest financing has been arranged to fund growth in those markets.

Enecsys chief executive Henrik Raunkjaer, comments, ‘The resources from this financing will be used to execute our growth strategy by accelerating our product development and cost reduction plan and expanding our global presence in sales, marketing, customer service and manufacturing to serve every major market.’

Todd Cardy

Todd Cardy

Todd was Editor of GrowthBusiness.co.uk between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital. Connect with...