Over £1 million raised in the latest funding round
Enertechnos has closed the first tranche of its fourth round of Enterprise Investment Scheme (EIS) funding, having raised more than its £1 million target to support the continued development of the Capacitive Transfer System (CTS). The business secured the backing of three new major investors, building on continued support from Enertechnos’s existing shareholders, who formed the majority of the investors. Enertechnos was assisted by Stonehage Fleming Corporate Finance, and the second tranche of Round Four funding is currently underway.
The funds will enable Enertechnos to complete the development of the prototype CTS cable and achieve type certification, before manufacturing the cable in preparation for the first UK site test. Enertechnos is planning to install 15km of underground cable as part of a 33kV live-grid test phase in the second half of 2018.
The investment from the funding round is in addition to a £1 million grant awarded to an Enertechnos led consortium by Innovate UK.
Dominic Quennell, Chief Executive of Enertechnos, commented:
“From the outset, Enertechnos has sought to innovate through technology in the energy sector. Our Capacitive Transfer System will significantly reduce electrical losses and help deliver more electricity to where it is needed.
“We expect CTS to play a key role in ensuring that the UK’s energy infrastructure meets demand in the future. We are therefore delighted that major investors agree, and are thankful for their support of our mission, as we prepare for the first live testing of the technology later this year.”