An oversubscribed investment round for Renovagen will be used to further develop its feature product ahead of a launch in 2015.
The cleantech business says that its transportable solar power system produces ’10 times’ the power capacity of competing photovoltaic ones and has generated interest from areas ranging from the military to disaster relief.
Having chosen to raise funds on equity crowdfunding platform Crowdcube, Renovagen saw 160 investments commit £263,000 in a 76 per cent oversubscribed transaction.
John Hingley, founder and CEO of Renovagen, says, ‘This is an extremely exciting time for Renovagen, having achieved a huge amount of progress in developing the technology this year, we finally have a 6kW system live-running and meeting all our performance expectations.
‘This product has huge potential for reducing carbon emissions and local pollution caused by diesel generators in remote and sensitive environments – whilst saving our customers money and even saving lives in some disaster relief and military situations.’
More on other crowdfunding rounds:
- Poundland founder turns to crowdfunding
- Kevin McCloud’s environmental business raises £1.9 million
- Rushmore secures £1 million in crowdfunding record
In the lead up to its expected product launch in 2015, Renovagen will implement a number of pilot projects throughout this year and the beginning of the next as a way of further providing proof of technology and efficacy.
Renovagen was one of sixteen companies selected to be part of the 2013 Clean and Cool Mission to Colorado, an initiative set up by the likes of UKTI and the Technology Strategy Board to gain exposure to venture capital, corporate investors and strategic partners.
In the future Renovagen believes that it will be able to pack a 100kW version into 20ft containers to increase energy generation.