Grid technology firm eleXsys Energy it has completed a successful Series A capital raising of £3.65m (€4.22m) from predominantly UK and Australian resident investors.
The company is the inventor and manufacturer of the eleXsys technology platform which enables optimised grid-connected commercial and industrial rooftop solar and battery microgrids.
It provides a range of grid forming services, including dynamic voltage management, which addresses the increasing curtailment of surplus energy exporting into low voltage, urban and rural energy networks.
The raise will allow the company to continue its investment as it seeks to rapidly grow, globally.
Its flagship project, the IKEA eleXsys Microgrid is under construction in Adelaide.
Following the capital raising, a corporate reorganisation was executed to interpose eleXsys Energy Ltd, a UK incorporated company, between the previous parent holding company in Australia and its shareholders.
Following the interposition, existing shareholders exchanged their shares in the Australian holding company with eleXsys Energy Ltd.
With the group parent company being incorporated in the UK, this will allow the group to establish a strategic base for international growth and capital raising as investors commit capital to global carbon reduction targets and investment opportunities in new cleantech solutions.
Of further note is that eleXsys Energy Ltd has obtained advance assurance from HMRC for the Enterprise Investment Scheme (EIS).
With this an investment in eleXsys Energy Ltd should come with a tax advantage as allowed for under the EIS scheme.
Executive director Richard Romanowski said: “We are delighted to have completed a successful round of funding from our new UK, France, UAE, Switzerland and Australian resident shareholders and to have completed the corporate reorganisation of the eleXsys Energy group – now being headed out of the UK.
“We are a rapidly growing, global, cleantech business and London is an obvious strategic location for a business with our ambitions. We look forward to continuing to deliver on our goals for our new and existing investors.”