Solar power technology company in funding boost

Enecsys, a Cambridge-based developer of technology to increase the effectiveness of solar power systems, has secured $10 million (£6 million).

Pan-European VC firm Wellington Partners led the Series A funding round, with participation from BankInvest New Energy Solutions, a fund based in Copenhagen.

The money will be used to commercialise Enecsys’s “micro-inverters”, which are designed to be deployed in harsh environments next to solar modules. Cost savings of 25 per cent are promised over conventional systems.

The company’s CEO Paul Engle says that such systems are ‘decisive for achieving mass penetration of solar, in particular within the residential and small scale commercial sector’.

Bart Markus, general partner at Wellington, states that the global market for inverters is worth $2.5 billion a year, adding that micro-inverters ‘have the potential to cause a disruptive change in that market’.

Nick Britton

Lexus Ernser

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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