Winchester, UK - Micro-inverter company Enecsys Ltd., (Cambridge UK) has received a $10 million funding injection from pan-European venture capitalist specialist, Wellington Partners, which has been joined in the investment by BankInvest New Energy Solutions, a venture capital fund located in Copenhagen, Denmark.
A spin out company from the University of Cambridge, Enecsys, has developed high reliability, cost effective, high performance micro-inverters that can be deployed in harsh external environments next to solar PV modules. Enecsys technology enables solar systems to harvest more energy for a lower cost. The company's devices claim savings up to 25 percent compared with conventional systems. Enecsys plans to use the new investment to accelerate commercialization of its technology and to intensify marketing.
Enecsys CEO and serial entrepreneur Paul Engle explained: "Enecsys has developed a unique micro-inverter with unprecedented lifetime and performance. This enables a powerful solution easy to plan and install, provides performance optimisation and monitoring for each module and allows solar systems to be adapted to a wider range of potential installations. Such 'plug and play' highly flexible solar systems will be decisive for achieving mass penetration of solar, in particular within the residential and small scale commercial sector. This is a huge improvement over today's conventional hard-to-handle DC PV modules with their short lifetime string inverters. Thanks to the Series A round, we are now well equipped to take advantage of our technology leadership and capture an attractive and growing market."
Bart Markus, General Partner at Wellington Partners, remarked: "We are impressed by the technology edge of Enecsys and are convinced that the management team have a great chance to change the rules in the global solar market. Inverters alone stand for revenues of $2.5 billion per year and, due to their obvious advantages, we believe that micro-inverters have the potential to cause a disruptive change in that market."
Related links and articles:
www.enecsys.com
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