Green energy group lifts investment in Proven Energy to more than £11m

GREEN energy investment group Low Carbon Accelerator has taken its investment in Proven Energy to more than £11 million as the Scottish wind turbine manufacturer looks to strengthen its push into overseas markets. London-based LCA's latest investment of £500,000 takes the total it has ploughed into Proven in recent years to £11.15 million, giving it a stake of just over 81 per cent in the Kilmarnock-based business.

The fresh funding includes a 350,000 secured loan and an investment of 150,000 which will see LCA acquire Proven's 20 per cent stake in renewable energy project developer Vigor Wind.

LCA said the investment in Proven, which follows on from a 750,000 loan provided in July, will be used for product development to drive further sales growth and "deliver profitable trading this current financial year".

It added that the company was looking to consolidate its growing presence in overseas markets, particularly in the US and Asia. In April this year Proven opened North America headquarters in Chicago. Although initially a sales and service facility, the long term intention is to establish a manufacturing facility there as the market grows.

Proven Energy is described as the world's leading supplier of small wind turbines with about 3,500 of its designs installed in more than 60 countries. LCA, which first invested in Proven in 2006, has said it expects the company to "play a significant role in the anticipated consolidation" of the small wind sector.

Proven was founded in 1980 by former nuclear industry engineer Gordon Proven who designed a small wind turbine capable of performing in high wind conditions including hurricanes and typhoons.

LCA raised 44.5m when it listed on Aim in October 2006 and raised a further 10m in 2009. The company invests principally in companies specialising in clean energy and energy efficiency.