News Article
PV Company Secures Significant Fund
TwentyNinety secures investment for safer and more efficient solar panel technology.
Solar technology company, TwentyNinety, has secured £230,000 (€290,000) of funding to commercialise its unique photovoltaic enabling technology which can be used to improve the performance and safety of solar panels while significantly reducing installation costs.
Investor members of London Business Angel Network (LBAN) and Thames Valley Investment Network (TVIN) contributed £115,000 and their investment was matched with an additional £115,000 from The Bank of Scotland Corporate Growth Capital team under its unique co-investment programme arrangement with TVIN.
Richard Pitkin, TwentyNinety's Managing Director, said: “The rising price of oil provides a daily reminder of the need for rapid implementation of efficient energy production from renewable sources, such as solar energy. Renewable energy generation technologies are still very raw and there is a real market for enabling technologies such as Active Array. We are delighted to have secured this investment from LBAN, TVIN and The Bank of Scotland Corporate Growth Capital team, which will enable us to take ActiveArray into production within the next 12 months.”
Leo Dunne, TVIN Investment Network Manager, said: “We congratulate the TwentyNinety management team on their successful fund raising. Their ActiveArray product has the potential to dramatically increase the return on investment of solar panels, helping to further drive the adoption of green solar energy.”
The co-investment programme was launched by TVIN and Bank of Scotland Corporate's Growth Capital team in early 2008. Through the £2 million programme, the bank will match funds from TVIN investors in innovative technology companies.
Malcolm Kpedeko, Associate Director at Bank of Scotland Growth Capital, said: “We are pleased to be able to provide crucial funding to assist TwentyNinety with the commercialisation of their innovative product.
Investor members of London Business Angel Network (LBAN) and Thames Valley Investment Network (TVIN) contributed £115,000 and their investment was matched with an additional £115,000 from The Bank of Scotland Corporate Growth Capital team under its unique co-investment programme arrangement with TVIN.
Richard Pitkin, TwentyNinety's Managing Director, said: “The rising price of oil provides a daily reminder of the need for rapid implementation of efficient energy production from renewable sources, such as solar energy. Renewable energy generation technologies are still very raw and there is a real market for enabling technologies such as Active Array. We are delighted to have secured this investment from LBAN, TVIN and The Bank of Scotland Corporate Growth Capital team, which will enable us to take ActiveArray into production within the next 12 months.”
Leo Dunne, TVIN Investment Network Manager, said: “We congratulate the TwentyNinety management team on their successful fund raising. Their ActiveArray product has the potential to dramatically increase the return on investment of solar panels, helping to further drive the adoption of green solar energy.”
The co-investment programme was launched by TVIN and Bank of Scotland Corporate's Growth Capital team in early 2008. Through the £2 million programme, the bank will match funds from TVIN investors in innovative technology companies.
Malcolm Kpedeko, Associate Director at Bank of Scotland Growth Capital, said: “We are pleased to be able to provide crucial funding to assist TwentyNinety with the commercialisation of their innovative product.
