Solar start-up receives € 1.5 m to finance market entry of innovative solar tech-nology
Serkan Kadi founded Feranova. Because of his years of experience with General Electric, Kadi brings in extensive industry background. In the early years the com-pany planed, built and sold turn-key photovoltaic facilities. In addition, the team de-veloped an innovative aluminium module which is used in CSP (concentrated solar power) facilities. This module is close to marketability and its main characteristics are the light weight and the modular, highly flexible and sturdy construction as well as the innovative surface technology.
Concentrated Solar Power (CSP) is currently the most effective technology for the utilization of solar energy. It provides an independent source of energy that is avail-able upon demand. Special mirrors bundle sun light on a heat transfer medium with ninetyfold concentration. The derived thermal energy can be used to produce steam, heat or electricity. CSP is best used in areas with high direct sun radiation, like southern Europe, North Africa, parts of India and China as well as the southern states of the U.S. and also Australia.
Serkan Kadi, founder and CEO of Feranova, is happy to have finalised the first fi-nancing round: "Due to the necessary integration of existing energy infrastructures, solar thermal power plants are not yet widely spread, especially when compared with the worldwide installed PV-capacities. Nevertheless, they show huge market potential. I am very happy that I was able to win the Gruenderfonds Muensterland and eCAPITAL AG as valuable partners who are able to support the company with its upcoming market entry and business development. Together we want to unlock the market potential."
Dr. Paul-Josef Patt, CEO of eCAPITAL, adds: "Feranova is an extremely fascinating company with an innovative product and led by a very experienced CEO. The mir-ror's USPs are evident, e.g. regarding quality and long life cycle. Besides the new application and its many possibilities, the mirror can also be used as spare part for existing CSP facilities, replacing the more sensitive mirrors. Furthermore, we see a promising current project pipeline which will encourage a fast market entry. The eCAPITAL team will accompany the entrepreneur and the company during this exciting business development process and also act as a sparring partner for its management team."
About Gruenderfonds Muensterland
Seedfund Muensterland is an € 8m-VC-fund, managed by eCAPITAL AG and targeting technology startups of high growth potential. The fund teams experienced investors with successful entrepreneurs for first round financings of young companies. Investments can total up to € 500K and focus on the segments Bio-/Nanotechnology, Life Science, Process enginnering, MedTech, New Materials and ICT. Seedfund Muensterland was initialised by NRW.Bank, Sparkasse Muensterland Ost, Sparkasse Westmuensterland, Kreissparkasse Steinfurt and eCAPITAL AG. Further investors are selected entrepreneurs, who additionally support the fund with their social networks and business contacts.
Please find more information on www.gruenderfonds-msl.de (German only)
About eCAPITAL entrepreneurial Partners AG
The eCAPITAL entrepreneurial Partners AG is a venture capital company managed by entrepreneurs and located in Muenster, Germany. Since 1999, the company sup-ports business people in promising industries. The investment focus is on innovative, high-growth companies in cleantech, new materials, optical technologies sectors, information technology/communications and innovative services.
eCAPITAL currently manages five funds totalling €120 million. The funds invest in technology companies, as well as in small- and medium-sized companies throughout Germany.
Feranova is a product manufacturer and service provider for the solar industry. It realises PV and CSP projects, from planning to implementation, in-house. After the successful development of an innovative CSP- aluminium mirror, Feranova is now focusing on the planning and commercialisation of solar thermal equipment in Ger-many and abroad, as well as on building turn-key solar thermal facilities for thermal solar power plants.
Please find more information on www.feranova.com