European VC firm Wellington Partners has led a $10 million round in Cambridge–based Enecsys Ltd, which develops inverters for the solar industry.
Wellington was joined in the investment by BankInvest New Energy Solutions, a venture capital fund located in Copenhagen.
Spun out from the University of Cambridge, Enecsys has developed micro-inverters to be deployed in harsh external environments next to solar PV modules.
Enecsys enabled solar systems harvest more energy with lower cost resulting in savings up to 25% over conventional systems, the company claims.
The firm will use the new investment to accelerate commercialisation of its technology and to intensify marketing.
Enecsys CEO Paul Engle said: “Thanks to this 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, said: “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.
Since 1998, Wellington Partners has invested in more than 100 companies in Europe and Israel.
© Crimson Business Ltd. 2009
