Funding
GenDrive Ltd has successfully closed a fundraising deal for an undisclosed amount with a syndicate of business angel investors. The money will fund the development of an inverter that can connect any type of renewable energy device to the electricity network.
The device, TOTUS, can be reconfigured automatically for connection to a wide range of renewable energy devices, including wind turbines and solar panels. The range of plug and play grid-connected inverters has also helped the company secure a place in the Carbon Trust Incubator Scheme, a government-backed programme which aims to accelerate the commercialisation of low-carbon businesses.
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