Investment
Low Carbon Accelerator Ltd (LCA) has increased its equity holding in wind turbine specialist Proven Energy Ltd through a further investment of £500,000, bringing its holding to 49.83 per cent.
In total LCA has invested £7.15 million in Proven Energy, a manufacturer of small-scale, high-performance wind turbines. The new investment will be used to accelerate the development of enhanced 6kW and 15kW turbines, upgrade production quality-control systems to improve yields. and expand the senior management team for the next phase of growth.
Proven Energy has expanded rapidly since LCA’s first investment in 2006, with sales growth averaging over 50 per cent for the last three years. It now supplies its range of 2.5kW, 6kW and 15kW turbines to over 30 countries worldwide.
Last year the company sold eight turbines to power the Belgian Antarctic Research Station. The robust design of the machine enables continuous operation and power output during severe storms and extreme heat or freezing conditions.
Low Carbon Accelerator Limited is a closed ended investment company created to invest in a portfolio of low carbon businesses. The company listed on the AIM market of the London Stock Exchange on 11 October 2006, raising £44.5 million.
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