Renovagen, a UK-based commercial-scale portable solar power systems startup, has launched an equity crowdfunding campaign on Crowdcube to raise £600,000 for its “Roll-Array” portable solar power solution.
The Roll-Array system reportedly consists of flexible, rollable, transportable solar farm units combining integrated energy storage. Its technology enables deployment of large solar power capacity much more quickly than competing methods – 18kW from a small trailer unit within 2 minutes or up to 300kW from a shipping container unit in less than an hour. Renovagen stated:
“We believe that this all means a multi-billion market for our product in the next decade – indeed some analysts predict that in just one of the markets we are targeting.”
Funds from the new campaign will go towards the following:
- Cashflow: To cover quarterly payments in arrears under the recently awarded contract
- Building the team: In particular additional business development and engineering
- Further pursuing patent protections: Existing filings and possible new IP
- Business development and marketing expenses: Securing international sales channels and building pipeline to £10M+
- Additional production equipment: And setup of partial outsourcing arrangements to enable scalable production.
The company aims to fully roll-out the product during 2016 and to run multiple international demonstration projects in advance of scaling up in 2017 to a projected £10M turnover business.
Since its launch, the campaign has secured over £200,000 from 28 investors so far. Renovagen is currently offering 20.92% in equity. The initiative is set to close at the beginning of April.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!