Enecsys secures £25 million funding

Leading the Series B funding was Climate Change Capital Private Equity, which invested £11 million ($18 million) in Enecsys. Meanwhile, existing investors Wellington Partners, NES Partners and Good Energies bettered their previous Series A 2009 investment of £8.5 million ($14.3 million) by £5.5 million, to invest a total of £14 million ($23 million).

This latest round of funding is said to represent the largest private equity raise in the European cleantech sector so far this year.

Henrik Raunkjaer, Enecsys’ CEO commented: "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."

The company recently launched its products in Europe and North America. In a statement, it said that the latest financing "has been arranged to facilitate substantial expected growth".

Simon Drury, a Partner at Climate Change Capital Private Equity, who will join the board of Enecsys added: "The ability for Enecsys to provide high performance, cost effective micro inverters with the reliability and life expectancy to match that of solar modules fundamentally changes the economic model of solar photovoltaics and will play an important role in growing the market for this clean power source."

Enecsys was founded in 2003. Its patented photovoltaic micro inverter technology was developed at Cambridge University in the UK.