Created by: Tornado Staff
Low Carbon Accelerator announces two follow-on fundings
Low Carbon Accelerator (LCA), a UK-based closed ended investment company targeting low carbon businesses, has today announced two follow-on rounds in existing portfolio companies.
LCA committed to a further equity investment of 1.1 million in UK smart grid-management technology company ResponsiveLoad. The funds are part of a 6.4 million financing round which included participation from new investors: Naxos Capital Partners and the Carbon Trust Investments. The funds will be drawn down in two tranches. The first of 2.5 million was completed today. The second will be transferred subject to commercial milestones.
ResponsiveLoad, better known under its trade name RLtec, has developed smart grid-management technology called Dynamic Demand. The technology aims to increase the energy efficiency of the electricity supply chain, from white goods and appliances through to large-scale power generators. It enables appliances such as fridges and air conditioning systems to automatically modify their power consumption in response to changes in the balance between supply and demand on the grid, without affecting performance. The company further claims that the technology has the potential to create a 'virtual' power station that could reduce the need for carbon emitting coal-fired balancing stations. RLtecs technology is now being rolled out in both domestic and commercial settings in the UK. The company plans to enter new geographies next year.
LCA also invested another 310,000 in UK solar photovoltaics company QuantaSol. This concerns the second tranche of a 1.4 million investment in QuantaSol. The remainder was already drawn down in June of this year. The funds will be used to prepare the company for commercial development.
QuantaSol develops solar photovoltaic cells for use in concentrating photovoltaic systems. It has delivered a single junction cell, manufactured on a commercial production line, with a verified record efficiency of 28.3%. Its multi-junction cells are now under development and according to the company - demonstrate impressive efficiency figures. QuantaSol has received funding from one potential customer for the development of a cell for proprietary use. In conjunction with the latest funding success, QuantaSol announced the appointment of Chris Shannon as its new CEO.
| 
