Octopus powers up Diverse Energy with £2m

Funds were provided from the Octopus Titan VCT funds, the Eureka EIS Portfolio Service and the Octopus Venture Partners programme.

The fresh capital will enable the company to expand its sales operations, complete the assembly plant and expand rapidly to serve its export market.

Octopus was attracted by the company's positioning in the growing green energy market. It believes Diverse Energy will be one of the first companies able to market a viable proposition for the use of fuel cells for off-grid applications.

Formed in 2007 through a merger between Alternative Fuel Systems and Fuel Cell Control, Diverse Energy specialises in building low-cost, low-carbon power generators for off-grid telecommunications applications.

The company's flagship product is PowerCube, a standalone replacement for diesel generators currently used as remote power supplies for mobile phone towers, where electricity is not available. It is designed to deliver power in a more efficient way with low fuel and maintenance costs, and aims to offer a 25% reduction in total cost of ownership with a two-year payback.

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Grégoire Gille on +44 20 7484 9824 or gregoire.gille@incisivemedia.com

 

 

 

 

 

 

 

 

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