http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar/uk-solar-company-enecsys-closes-europe%e2%80%99s-largest-cleantech-venture-round-in-2011.html

Enecys, a supplier of solar micro inverter systems for residential and commercial applications, has secured a further £25m in equity financing to invest in its growth plan, in the largest private equity raise across Europe this year. The investment was led by Climate Change Capital Private Equity, who joined existing investors Wellington Partners, NES Partners and Good Energies.

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.
According to Enecys, its 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. The company has also 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 the Series B equity financing with an investment of £11m, with the balance of £14m secured from its existing investors, who together previously invested £8.5m in a Series A financing in 2009.
Enecsys executive chairman Mossadiq Umedaly said, ‘We chose Climate Change Capital Private Equity, one of the largest and most experienced investors in clean power, because of their excellent fit with us and they have decided to invest in Enecsys after a thorough investigation of our business strategy, technology and product road map, management team and future prospects. We welcome Climate Change Capital Private Equity to our strong investor team and board. We also appreciate the confidence shown by our existing investors who have again participated in such a significant way in this financing round.’
Simon Drury, a partner at Climate Change Capital Private Equity, who will join the board of Enecsys added, ‘The ability for Enecsys to provide high performance, cost effective micro inverters with the reliability and life expectancy to match that of solar modules fundamentally changes the economic model of solar PV and will play an important role in growing the market for this clean power source. We are delighted to have the opportunity to participate in the company’s success.’
According to the company, the resources from this financing will be used to execute its growth strategy by accelerating its product development and cost reduction plan and expanding global presence in sales, marketing, customer service and manufacturing to serve every major market.
Bart Markus of Wellington Partners, added, ‘We are pleased with the progress that Enecsys has made since our initial investment in 2009, and the opportunity the market currently presents to Enecsys is huge; as of today Enecsys has the only certified micro inverter solution in production in the European market, which represents 75 per cent of the world’s residential solar market – this round of funding will allow us to accelerate the execution of this opportunity.’
Climate Change Capital Private Equity is a €200m European private equity fund that invests expansion capital in high growth, later stage companies and buy-outs in the areas of clean power, clean transport, energy efficiency, waste recovery and water. CPE is backed by institutional investors including Alpinvest, Robeco and Universities Superannuation Scheme. Enecsys represents CPE’s eighth investment.