Wind of change at LCA
Low Carbon Accelerator has increased its equity holding in Proven Energy through a follow on equity investment of £2m and the purchase of share interests from shareholders.
(LCA) has increased its equity holding in
through a follow on equity investment of £2m and the purchase of share interests with an acquisition value of £2.5m.
The company now holds an aggregate equity stake of 25% in Proven Energy following the transfer to the company of the initial equity investment for £650,000 on LCA’s admission to AIM.
Proven Energy produces small-scale, high-performance wind turbines. Proven’s clients include Shell, for whom it provides marine-grade, explosion proof wind-turbines to power offshore gas platforms in the North Sea, as well as Sainsbury’s, B, and T-Mobile.
The initial investment from LCA allowed Proven to begin a scale-up of its production facilities as well as announce major expansion plans including an onshore initiative, Windcrofting to encourage the development of mini-windfarms across the
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