In an effort to start volume production of its PV micro-inverters and become a leading player in the nascent market, especially in Europe, Enecsys has received a new round of funding from Good Energies to the tune of US$4.2 million. The Cambridge, UK-based start-up plans to publically launch its product range soon and will be exhibiting for the first time at Intersolar in Munich in June. Funding for the company has reached US$14.3 million.
“Good Energies invests in companies that significantly accelerate the clean-energy transition and that possess clear technology differentiation,” commented Paul Engle, Enecsys’ CEO. “We are delighted that they recognize these characteristics in Enecsys and have chosen to support us as we prepare for our first product launch in the early part of this year.”
“We believe this partnership brings unparalleled insight and expertise into the industry and positions Enecsys to become a global leader in solar inverters,” he added.
Engle told PV-Tech that the European market is ripe for development and transition to intelligent module harvesting and monitoring. The predominant use of c-Si modules, especially in Northern Europe, allows for improved module performance when microinverters are used, as its own field tests have highlighted performance gains, especially in low light conditions.
With Enphase helping to educate the market about the to the capabilities of microinverters but only offering solutions to the U.S. market, Engle believes Enecsys can capture significant business in Europe and expects strong demand for its product over the next few years.
The company executive says that PV module manufacturers and system integrators have quickly woken up to the benefits of microinverter technology due to the extra energy harvesting but also because of the reduced installation and maintenance costs as well as the elimination of risk related to handling high-voltage DC power.
This would not seem to have been lost on Good Energies, as George Coelho, the firm’s managing director, London, said in a statement that “Enecsys excelled with respect to our investment criteria. The company’s combination of innovative patented technology, seasoned management and board, and a drive to succeed impressed us immensely and I look forward to helping them achieve leadership in the market for solar power conversion.”
Coelho will also join Enecsys’ board of directors.