A spinout company from the School of Engineering at Edinburgh University has secured an investment of £2m from Amsterdam-based SET Venture Partners and Scottish Enterprise’s Scottish Co-investment Fund.
The £2m equity investment will allow NGenTec to prove its novel generator technology at a 6MW scale. Specifically, NGenTec intends to design, build and test a generator that could be stacked along the shaft of a wind turbine.
The investment follows a recent £800,000 grant from the Department of Energy and Climate Change’s (DECC) Environmental Transformation Fund.
Derek Shepherd, chairman of NGenTec, said: ’We are delighted to have secured this investment from SET and SCF. We are now in a position to prove our novel generator technology and move towards manufacturing our generators and taking them to market.’
NGenTec’s generator technology has been developed over the last five years with the support of grants from the Scottish Enterprise’s Proof of Concept Fund. The company has benefited from the support of Scottish Development International, Scottish Enterprise’s SMART grant scheme and the Scottish Enterprise High Growth Unit.
Based in Edinburgh, NGenTec is expected to expand its workforce by 20 over the next two years.