Enecsys, 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% and 20% 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.