Low Carbon Accelerator invests in wind turbine manufacturer 
(27/06/2007)
Proven Energy, the small-scale, high performance wind turbines company, has received an investment of £4.5 million from Low Carbon Accelerator Limited.
In response to rapidly growing British and international markets, Proven Energy will increase manufacturing capacity in order to meet the volume of demand. The company will also focus on Research & Development of further innovative power generators. The company is also developing an onshore initiative, Windcrofting, creating energy from mini-windfarms across the country.
Proven is a wind turbine manufacturing company whose clients include Shell, for whom Proven provides marine-grade, explosion proof wind-turbines to power offshore gas platforms in the North Sea, Sainsbury’s, B&Q, and T-Mobile, as well as turbines for environmental domestic developments.
Proven has also announced the appointment of new members to the management and manufacturing team. This includes the appointment of Jeff Harding as Chairman Designate, Andrew McMullan as Managing Director, and Jonathan Nowill as Chief Engineer.
Andrew was formerly Deputy-CEO of BoardEx, an online business development tool. He previously worked at CSFB and Booz Allen Hamilton.
Jeff Harding was formerly CEO of Pacific Hydro and led their growth to become Australia’s largest renewable energy company. Jeff is also on the Board of Renewable Energy Holdings PLC
Jonathan Nowill was previously a Project Manager with Jaguar / Landrover, leading frontal impact safety activities. As Chief Engineer at Proven Energy, Jonathan will lead a team of dynamic engineers in continuing R&D of Proven’s innovative turbine technology – which utilizes unique blade design to optimise performance in light or strong winds
Andrew McMullan Proven Energy’s Managing Director said “I am very pleased to join Proven Energy at this exciting stage of the company’s development. The LCA investment enables us build production capacity in a state-of-the-art factory and deliver on the large customer orders we are experiencing. We will be creating a significant number of jobs locally as we build the business. In addition, a proposed joint venture in India should allow us to further reduce unit costs from 2008. We will use this scale and reach to increase our international market share.”
Low Carbon Accelerator is a closed ended investment company created to invest in a portfolio of fast-growing low carbon businesses. The Company listed on the Alternative Investment Market of the London Stock Exchange on 11 October 2006, raising £44.5 million.
Mark Shorrock, CEO of Low Carbon Initiative, LCA’s investment manager, said: “Over the past 15 years, Proven Energy has established itself as the leading small-scale wind turbine developer. Working with LCI’s extensive contacts network, Proven has now brought in experienced new personnel to support its expansion plans. I am confident that they will, in conjunction with our increased investment, enable the continued success of the company.”
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