Enecsys secures financing to facilitate expected growth

Cambridge-based solar inverter developer Enecsys has confirmed that it has secured £25m ($41m) in financing to facilitate expected growth.

The company, which was founded in 2003 in the UK as a spin-out from Cambridge University, recently launched its range of solar inverters in the European and North American markets.

In use, the inverters convert the DC power produced by solar photovoltaic (PV) modules into AC power for supply to the electricity grid. The company claims that the novel design of the inverters enables solar PV systems to harvest between five per cent and 20 per cent more energy.

In addition, it said the inverters can make the planning and installation of PV systems easier and safer owing to the elimination of high-voltage DC wiring and can enhance system optimisation by monitoring the performance of each solar module.

Climate Change Capital Private Equity led the equity financing with an investment of £11m ($18m). The balance, £14m ($23m), was secured from the existing Enecsys investors — Wellington Partners, NES Partners (formerly known as Bankinvest New Energy Solutions) and Good Energies — which together previously invested £8.5m ($14.3m) in Enecsys in a previous financing round in 2009.

Henrik Raunkjaer, Enecsys’s chief executive officer, said that the resources from the financing round would be used to accelerate the company’s product development and cost-reduction plan and to expand its global presence in sales, marketing, customer service and manufacturing.

With headquarters in Cambridge, UK, the company also has sales and support offices in Bad Homburg, Germany, and in Redwood Shores, California.