UK solar firm raises £13.5 million

London, 30 August: Solarcentury Holdings has raised £13.5 million ($27 million) in venture capital financing, to develop its solar power product line and expand its European business.

Renewables investor Good Energies and clean-tech venture capitalist Zouk Ventures led the round of financing, and were joined in the investment by Vantania Holdings and Foursome Investments, as well as existing investors VantagePoint Venture Partners and the utility Scottish and Southern Energy.

Jeremy Leggett, founder and chief executive of London-based Solarcentury, said that the firm hopes to benefit from the experience of these new investors, "who are leading institutions in the solar and clean technology sectors". He added: "Their expertise will be a valuable contribution to Solarcentury's development and growth."

The firm had a turnover of £13 million in 2006/07, and has already established operations in France and Spain over the last year. A spokeswoman said that the financing will be used to further develop its presence in, and adapt its products for, these markets, with the potential for spreading out into other markets in Europe.

Samer Salty, chief executive of Zouk Ventures, said: "Solarcentury has an impressive track record in the UK solar market and we are excited about the prospect of further European expansion. Favourable market conditions, supportive legislation and early sales successes have signalled that now is the time to push further into international markets."

Solarcentury's products include an integrated solar thermal and electric roof for residential customers and a quick-fit roof-top photovoltaic module for commercial customers. In 2006, it won a competitive tender to supply solar power to schools and other public buildings in the UK. Its clients include the UK's Environment Agency, the supermarket chains Sainsbury's and Tesco, The Co-operative Group and UK television's Channel 4.