Clean energy firm Renovagen has closed its initial equity investment round raising £263,000 through a crowd-funding platform.
The Crowdcube fundraising was supported by 160 investors and oversubscribed by 76%.
It coincided with the completion of the company’s 6kW prototype of a transportable solar power system, the Roll-Array.
The new system would enable large rollable solar arrays to be conveniently and quickly deployed from small containers, offering a 10-fold power capacity of competing photovoltaic systems, Renovagen claims.
Following positive early test results of the prototype, the company now plans further field testing and development as it is looking to launch the product during 2015.
“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 founder and chief executive.
“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.
“We’re extremely pleased to have secured the funding to move to the next stage in our development, including pilot deployments and market launch, and would like to thank the 160 investors who supported us through Crowdcube”.