UK - LCA invests £1.5m into Proven Energy

LCA's existing loans to the company, which total £600,000, will be converted into equity, taking the firm's stake in the business to 81% and its total investment in Proven Energy to £9.25m.

Based in Ayrshire, Proven Energy manufactures small-scale wind turbines for more than 30 countries worldwide. The company supplies a range of 2.5kW, 6kW, and 15kW turbines. The UK and the US are Proven Energy's largest markets, with an expanding presence in Australia and New Zealand. Clients include Sainsbury's, T-Mobile and Shell.

The company was founded in 1980 and currently employs approximately 76 staff.

The new funds will be used to support further product enhancements as the company prepares for the introduction of feed-in tariffs in 2010 and the rapid growth in sales this is expected to bring.

LCA first backed Proven Energy in 2006 with a £5.15m early-stage investment and in April 2009, committed a further £500,000 in in a series-C round of funding. LCA is managed by Low Carbon Investors.

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• Expansion
• UK / Ireland