A Northumberland renewable energy specialist has secured a £200,000 investment to fuel its future growth.
Solar Capture Technologies, which makes custom-designed solar modules, cells and systems, received the money from Northstar Ventures’ £15m Proof of Concept Fund. Alongside an injection of funds from the management team, the investment is being used for working capital and to hire new recruits.
Steve Caseley, chief executive of Solar Capture Technologies, said: “I am delighted to be working with Northstar Ventures in this exciting phase of our development. This is an unusual business in that we are coming from a very credible academic background in solar photovoltaic physics and taking this capability into the commercial world.”
Richard Charnley, investment manager at Northstar Ventures, said: “Working alongside Steve for this investment has been a great experience as he is a driven, experienced and enthusiastic owner. The commercial part of the operation is founded on substantial R&D experience and capability and we are confident that this will continue to open further opportunities in the future.
“Already, the company has secured some excellent sales including the US Navy and Local Parking Security.”
The Proof of Concept Fund generally invests between £20,000 and £100,000 in companies. It is targeted at eligible technology businesses located, or with substantial operations, in the North East of England.
Photo caption: Left to right. Steve Caseley of Solar Capture Technologies with Richard Charnley of Northstar Ventures