ESB Novusmodus, the €200m ($250m) corporate venturing fund of Ireland-based power utility ESB, has invested half of Lumicity’s, a UK-based developer, owner and operator of solar photovoltaic (PV) projects, latest round.
Novusmodus said it had invested £1m ($1.5m) with the remainder from venture capital firm Ludgate Environmental Fund.
Lumicity is focusing on the sub-50 kW rooftop market, and in particular on discounted barn and car parking facility projects. It has a pipeline of over 200 sites, totalling more than 10MW.
Robert Schrimpff, Germany-based partner of Novusmodus, said: “We are excited about Lumicity’s progress and prospects, and are proud to be funding the next stage of its growth alongside Ludgate Environmental Fund.”