Enecsys Limited, a Cambridge, UK-based developer of solar micro inverter systems for residential and commercial applications, has secured a further £25m ($41m) in Series B equity financing.
The round was led by Climate Change Capital Private Equity, with an investment of £11m ($18m), with participation from existing investors Wellington Partners, NES Partners (formerly known as Bankinvest New Energy Solutions) and Good Energies, who invested £14m ($23m).
They also invested £8.5m ($14.3m) in the company’s Series A financing in 2009.
As stated by CEO Henrik Raunkjaer, Enecsys will use the funds to execute its growth strategy by accelerating product development and expand its global presence in sales, marketing, customer service and manufacturing.
Founded in 2003, the company develops, manufacturers, and markets grid-connected solar micro inverters and monitoring systems for residential and commercial photovoltaic systems. The solar micro inverters are designed to maximize energy harvest, improve safety, increase lifetime and reliability, enhance performance monitoring, and simplifiy PV array design and installation. The monitoring system tracks, in real-time, the performance of each solar module and transmits the information through a robust built-in wireless communication system that connects to the Internet.
In conjunction with the funding, Simon Drury, a Partner at Climate Change Capital Private Equity, will join the board of Enecsys
The company has sales and support offices in Bad Homburg, Germany and in Redwood Shores, California, USA.