New investment brings energy boosting solar PV technology closer to launch
Elaine Brass
15th January 2010
A Cambridge manufacturer of a solar photovoltaic (PV) micro-inverter that enables solar systems to harvest more energy at lower cost is a step closer to bringing its product to market thanks to £2.5 million of new investment.
Enecsys claims its micro-inverter offers “lowest lifetime costs, highest reliability and faster, easier installation of solar PV systems” – resulting in savings up to 25 per cent over conventional systems. The company has just secured a £2.5 million investment from global investor in renewable energy and energy efficiency industries, Good Energies.
This is on top of £6 million the company banked in 2009 from investment groups Wellington Partners and BankInvest, taking the total investment to £8.5 million.
The company says the combined investment will be used to “accelerate commercialisation of its unique technology and to intensify marketing”.
Enecsys says its micro-invertor, which is particularly aimed at the residential and small-scale commercial solar PV sector, is easy to install and allows solar systems to be adapted to a wider range of potential installations.
Commenting on the latest tranche of investment, Enecsys ceo Paul Engle said: “As we prepare for our first product launch in the early part of next year, we believe this partnership brings unparalleled insight and expertise into the industry and positions Enecsys to become a global leader in solar inverters.”
George Coelho, Good Energies managing director in London, added: “Enecsys excelled with respect to our investment criteria. The company’s combination of innovative patented technology, seasoned management and board, and a drive to succeed impressed us immensely and I look forward to helping them achieve leadership in the market for solar power conversion.”