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United Kingdom : RENOVAGEN solar energy venture becomes oversubscribed

August 30, 2014

UK cleantech company Renovagen Ltd. closed an initial equity investment round raising 263,000 with the support of 160 investors through the crowd-funding Crowdcube platform.

The fundraising, for the Roll-Array transportable solar power system, was 76% oversubscribed and coincides with the successful completion of a 6 kW prototype.

263,000 was raised through Crowdcube to finance development and launch the product in 2015.

The system enables large rollable solar arrays to be used from small containers. The solar PV system has 10 times the capacity of competing systems and be deployed in a few minutes. There has been strong interest from military, disaster relief and mining customers who incur high energy costs from diesel generators. This is due to the cost of transporting diesel fuel and the slow and procedure involved in moving conventional systems.

This is an exciting time for Renovagen as it has achieved a huge amount of progress in developing the technology that is a 6kW system live-running and meeting all the performance expectations. This product has a potential for reducing carbon emissions and local pollution caused by diesel generators and sensitive environments, while saving the customers money in the Disaster Relief and Military situations.

The Renovagen system can pack 100 kW arrays into 20 foot ISO containers with multiple containerised systems deployable to create multi-megawatt power plants.

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Source: TendersInfo (India)

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