Ludgate and Novusmodus invest £2m in Lumicity

The firms each contributed £1m, which took the form of preference shares and interest-bearing loan notes. Ludgate now owns 45.7% of the company, while Novusmodus holds a similar percentage. They believe Lumicity has a business model that produces reliable assets and long-term revenue streams, and that it has the skills and network to succeed in the rapidly expanding UK solar PV market.

This cash injection will finance the construction of Lumicity's first wave of solar projects and enable the business to expand its reach into new sectors. It brings Ludgate's total investment in the firm to £1.3m, following its provision of a £298,000 convertible loan in September 2010.

Ludgate invested via its £60m Environmental Fund, which launched in August 2007, while Novusmodus used ESB Novusmodus, a €200m vehicle established in March 2010.

Company
Founded in 2010, Lumicity develops, owns and operates solar PV systems focused on the sub 50kW barn and car park rooftop market. The company is based in London.

People
Bill Weil, chief investment officer, led the deal for Ludgate and will alternate with investment adviser Nick Curtis on the company's board. Robert Schrimpff, German partner, represented Novusmodus. Tristan Fischer is the founder and CEO of Lumicity.

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• Topics
• Expansion
• Infrastructure
• UK / Ireland
• United Kingdom
• Ludgate Investments Ltd