Enviromena closes Series B financing

Enviromena has achieved much in a short period of time Sami Khoreibi, Enviromena. (SUPPLIED)

Enviromena Power Systems yesterday announced it has closed its Series B investment round and as part of that round Masdar and Good Energies have become shareholders joining zouk Ventures and New Energies Invest. The investment totals $15 million (Dh55.05m) in equity and equity warrants.

Enviromena will use the funds to expand operations throughout the Middle East and North Africa (Mena) and maintain its position as the region's leading solar power developer.

Enviromena CEO Sami Khoreibi said: "Enviromena is very excited to have tier- one Cleantech funds such as Masdar, Good Energies, zouk and New Energies be a part of our company. Institutions of this calibre investing in privately held Mena- based renewable energy ventures is unique and indicative of the sector's growth in this region. The experience and leadership of our new investors and board members solidify Enviromena's position as a major player in the solar industry."

Dr Sultan Al Jaber, CEO, Masdar, said: "Enviromena has achieved much in a short period of time and those achievements have earned it the attention of the well-respected investors in this field. We are more than happy to continue to support the company to their next stage of development, both here in Abu Dhabi and beyond".

The financing round will see Masdar become the largest shareholder of Enviromena followed by Good Energies and zouk. Enviromena's board of directors will reflect the new shareholder base with Masdar and Good Energies joining zouk with board representation in Enviromena.

 

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