Solarcentury picks Silicon Valley's VantagePoint as third investment partner.
We have recently concluded a £5.5m private equity financing. VantagePoint Venture Partners led this round which included participation from existing investors Scottish and Southern Energy PLC together with the conversion a £1.4m investor loan to equity. The new capital will enable the company to distribute its award-winning C21 family of solar photovoltaic (electric) and solar thermal solutions globally, and to invest further in product development.
Jeremy Leggett, Chief Executive of Solarcentury said:
"Solar energy is one of the world's fastest growing markets and we are delighted to be working with our investment partners to grow our business in the UK and internationally. We have recently launched a unique combination of building integrated solar thermal and photovoltaic tiles to create a Complete Solar Roof and plan to invest the new capital in increased R&D, marketing and expansion into overseas markets. The company has just achieved record profits in a year when sales more than doubled to £15m and this financing will further strengthen our balance sheet. We are thrilled to have added Vantage Point's experience of innovation, clean tech and fast growth to our boardroom."
SSE's Chief Executive Ian Marchant said:
"The way we produce energy is going to change. Developments in technology have now made it possible for even individual households and small businesses to generate their own electricity and heat by the use of micro generation technologies. We anticipated this change with our earlier investments in micro generation and working closely with Solarcentury over the past 18 months has underlined our belief that these technologies will play a growing part in meeting energy needs in the future and has prompted our additional investment."
Bill Green, VantagePoint Venture Managed Director said:
"Solarcentury is a successful, world-class solar company making the transition from a construction led installation business to a design led products firm. The company's innovative and award-winning solar roof tiles have been developed out of their deep experience with customers who demand economical, innovative micro-generation solutions." Mr Green will join the Solarcentury Board of Directors.
We are the UK's leading solar solutions provider. We work directly with architects, housing developers and engineers throughout Europe to deliver large scale renewable energy and carbon reduction solutions. For home owners, we have an established network of recommended installers, accredited by the UK's EST ( Energy Saving Trust ), who are fully trained to install solar thermal and solar photovoltaic systems on commercial and domestic buildings throughout the UK. Solarcentury is the UK distributor for the world's leading solar electric technologies. We have helped more homes and business go solar than anyone else in the UK.
VantagePoint Venture Partners is among the leading venture firms in the world with more than $2.8 billion of capital under management. The Firm invests exclusively in technology driven companies and is organized around deep expertise and resources in five principal areas of interest: CleanTech, Communications, Healthcare, Semiconductors, and Software/Internet. VantagePoint is a multi-stage investor, investing in high growth businesses at all stages of development. The Firm supports each of its portfolio companies with the resources of a dedicated team of VantagePoint professionals able to contribute a blend of company building, technology, operations, marketing, and corporate finance expertise. www.vpvp.com