NovaWatt secures €7m from XAnge et al.

Luxembourg-based industrial holding company Alternative Power has become a shareholder of NovaWatt, providing some of the capital alongside the company's management.

The fresh capital injection will allow NovaWatt to set up more plants and improve the quality of its service to customers.

Previous funding
In May 2011, Axonia Partners led a €3.8m funding round for NovaWatt alongside existing investor XAnge and new backers Alto and Agregator.

In September 2008, XAnge provided NovaWatt with a €3m investment. Prior to XAnge's investment, the company had received seed funding from a number of angel investors, according to unquote" data.

Company
Founded in 2007, NovaWatt is headquartered in Paris. The company is an independent producer of electricity in France's free electricity market. It produces electricity through decentralised plants and currently generates 250MW.

People
Franck Rabut is the founder and CEO of NovaWatt. Dominique Agrech is an associate director at XAnge.

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• Topics
• France
• Infrastructure
• Expansion
• France
• XAnge Private Equity