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Renovagen solar energy fundraising venture over-subscribed

UK cleantech start-up company Renovagen Ltd has closed an initial equity investment round raising £263,000 with the support of 160 investors through the crowd-funding Crowdcube platform.
Renovagen solar energy fundraising venture over-subscribed

The fundraising, for the ‘Roll-Array’ transportable solar power system, was 76 percent oversubscribed and coincides with the successful completion of a 6kW prototype. £263,000 was raised through Crowdcube in order to finance further development and product launch in 2015.

The system enables large rollable solar arrays to be conveniently and quickly deployed from small containers. The solar PV system has ten times the capacity of competing systems and can be deployed in just a few minutes, according to the company. There has been strong interest from military, disaster relief and mining customers who often incur high energy costs from diesel generators in remote locations. This is largely due to the cost of transporting diesel fuel and the slow and costly procedure involved in moving conventional systems.

“This is an extremely exciting time for Renovagen, having achieved a huge amount of progress in developing the technology this year, we finally have a 6kW system live-running and meeting all our performance expectations” said John Hingley, Renovagen’s Founder and CEO. “This product has huge potential for reducing carbon emissions and local pollution caused by diesel generators in remote and sensitive environments - whilst saving our customers money and even saving lives in some Disaster Relief and Military situations.”

The Renovagen system can pack 100kW arrays into 20 foot ISO containers with multiple containerised systems deployable in parallel to create multi-megawatt power plants. Early test results of the prototype have demonstrated its power output and mechanical performance and the company is now planning further field testing and development with a view to implementing a number of pilot projects in late 2014 to early 2015.

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Tags: Solar , Saving , Transport , Fuel , PV , Carbón
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