Sustainable Energy Secures $7.6 Million Private Placement
Sustainable Energy Technologies Ltd., a developer of solar inverter technology, has secured a minimum $7.6 million in financing to support the launch of its next-generation SUNERGY II solar inverter platform in Europe and North America.
Venture capital investor Doughty Hanson led the funding round with an initial $4.5 million investment in Sustainable Energy, with an option to invest a further $1.5 million over the next six months. Other investors have invested a further $3.1 million, and the company expects to secure up to an additional $1.3 million by May 15.
According to Sustainable Energy Technologies, SUNERGY II is the only inverter that allows grid-connected solar PV systems to be designed using a massively parallel architecture with electrical conversion efficiencies that meet or exceed those of industry leaders.
The massively parallel approach of SUNERGY II enables each module to operate at its optimum level, significantly increasing total energy harvest from the system. In addition, the parallel architecture allows higher utilization of available rooftop space at a lower design cost, the company adds.
SOURCE: Sustainable Energy Technologies Ltd.
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