WHEB Partners backs pvXchange

Previously the company has received a small investment from founders, friends and employees. There are no plans for further funding rounds.

The deal originated via the investor's network of contacts. pvXchange's volume traded has grown more than 100% per year in the last four years and the company has developed an extensive network of suppliers and buyers over the past seven years. Since its inception, the firm has been profitable due to operating on a low cost level as it exclusively arranges and advises sales and does not sell or purchase products for its own account.

WHEB Partners was convinced by the scalability and universal applicability of the business model. WHEB also believes that the addressable market for this service will grow from 7GW or €107bn in 2010 to 21.6GW or €19bn in 2015.

Plans include facilitating the firm's global growth which will be achieved through investment in technology and expansion into new international markets.

Company
Berlin-based pvXchange is an online trading platform for suppliers and buyers active in the photovoltaic secotor. Founded in 2004, the company provides broker services, technical advice, market perspective and assists in the completion of deals. pvXchange operates throughout Europe, the US, Canada and East Asia and traded 184 megawatts of solar modules on the platform in 2010. The firm's turnover is approximately €6m with an EBITDA of €1.2m in 2010. It employs 26 people and 45 commission-based brokers.

People
Jörg Sperling represents WHEB Partners. Following the investment, Michael Maximilian Mueller and Olaf Emmerich were appointed as CEO and Chief Marketing Officer respectively.

Advisers
Equity - Hogan Lovells (Legal); RoeverBroenner (Financial due diligence)

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• Expansion
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• Germany
• WHEB Partners