CAMBRIDGE, UK: Enecsys Ltd, the leader in reliable, long-life solar micro inverter systems for residential and commercial applications, has secured a further £25 million ($41 million) in equity financing to invest in its growth plan.
Enecsys was founded in 2003 and its patented technology was originally developed at Cambridge University in the UK. Solar inverters convert the DC power produced by solar photovoltaic (PV) modules into AC power for supply to the electricity grid. Enecsys micro inverters are installed on the rail behind solar modules, either one inverter per solar module or one for every two modules.
The Enecsys micro inverter represents a breakthrough in inverter design for residential and commercial solar PV installations as its technology has, for the first time, eliminated components that limit inverter life. Additionally the Enecsys micro inverter enables solar PV systems to harvest between 5 percent and 20 percent more energy; it makes planning and installation of PV systems easier and safer due to the elimination of high voltage DC wiring, and it enhances system optimization by monitoring the performance of each solar module.
Enecsys has recently launched its products in Europe and North America and the latest financing has been arranged to facilitate substantial expected growth.
Climate Change Capital Private Equity led this Series B equity financing with an investment of £11 million ($18 million). The balance, £14 million ($23 million), was secured from the existing Enecsys investors, Wellington Partners, NES Partners (formerly known as Bankinvest New Energy Solutions) and Good Energies, who together previously invested £8.5 million ($14.3 million) in Enecsys in a Series A financing in 2009. The latest financing round represents the largest private equity raise in the European cleantech sector so far this year.
Mossadiq Umedaly, Enecsys' executive chairman, said: "We chose Climate Change Capital Private Equity, one of the largest and most experienced investors in clean power, because of their excellent fit with us and they have decided to invest in Enecsys after a thorough investigation of our business strategy, technology and product road map, management team and future prospects. We welcome Climate Change Capital Private Equity to our strong investor team and board. We also appreciate the confidence shown by our existing investors who have again participated in such a significant way in this financing round."
Simon Drury, a Partner at Climate Change Capital Private Equity, who will join the board of Enecsys commented: "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 PV and will play an important role in growing the market for this clean power source. We are delighted to have the opportunity to participate in the company's success."
Bart Markus of Wellington Partners, an existing Enecsys investor, added: "We are pleased with the progress that Enecsys has made since our initial investment in 2009, and the opportunity the market currently presents to Enecsys is huge; as of today Enecsys has the only certified micro inverter solution in production in the European market, which represents 75 percent of the world's residential solar market - this round of funding will allow us to accelerate the execution of this opportunity."
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."