Low Carbon Accelerator has increased its equity holding in Proven Energy through a further investment of GBP1.5m.
LCA’s existing loans to Proven Energy, totaling GBP600,000, will be converted into equity.
In total this will give LCA a controlling stake of 81 per cent of Proven Energy’s issued share capital. The company’s total equity investment in Proven Energy now amounts to GBP9,250,000.
Proven Energy is a manufacturer of small-scale, high performance wind turbines.
The new funds will be used to support further product enhancements as Proven Energy prepares for the introduction of feed-in tariffs in 2010 and the rapid growth in sales that this is expected to bring.
Proven Energy has obtained Microgeneration Certification Scheme accreditation for its 15kW turbine, making it the first company to attain this product recognition.
Chris Simpson, chairman of Proven Energy, says: "This is a significant milestone and a real vote of confidence for the team at Proven Energy. The company has huge potential and these funds will enable us to increase the pace and breadth of our development."
Andrew Affleck, chairman of Low Carbon Investors and the investor director on the board of Proven Energy, says: "Proven Energy is a true market leader in this sector and is set for further rapid growth when feed-in tariffs are launched next April. These funds will ensure the company can take full advantage of its position and remain the leading quality supplier of small wind turbines."
