Solar micro-inverter maker raises $41 million
Enecsys, founded in 2003, has recently launched its products in Europe and North America and the latest financing has been arranged to facilitate substantial expected growth.
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."
Climate Change Capital Private Equity leads the funding round and joins existing investors Wellington Partners, NES Partners and Good Energies for the largest private equity raise by any European cleantech company, so far, in 2011. Enecsys was founded in 2003 and its patented technology was originally developed at Cambridge University.
Solar inverters convert the DC power produced by solar photovoltaic (PV) modules into AC power for supply to the electricity grid. Enecsys claims that its micro-inverter design enables solar PV systems to harvest between 5 and 20 percent more energy than other designs
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.
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."
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."