ESB’s Novusmodus has today announced the sale of its stake in Lumicity, the specialist Agritech Energy Services provider, to Lumicity’s management team and RWE Supply & Trading, a division of RWE AG.
ESB Novusmodus is a Cleantech Fund set up by ESB with a view to investing in companies and projects involved in energy generation from renewable sources, the technology behind such generation, as well as energy efficiency and smart grid technologies.
ESB Novusmodus first invested in Lumicity in 2010 with an eye on the increasing trend for farmers and landowners to seek renewable energy solutions. The investment provided strong learnings back into ESB and was helpful to shape ESB’s revised solar strategy, delivering strong technology transfer learning.
Today marks the first realisation of the ESB Novusmodus fund since its inception in 2009 and is due to generate returns of 1.5 – 2 times the fund’s original investment.
Commenting on the sale, Jerry O’Sullivan, Deputy Chief Executive ESB said: “The ESB Novusmodus fund allows ESB to remain at the forefront of renewable innovation and research, whilst providing a positive return for the company. This sale, the first realisation from the portfolio, illustrates that strategy in practice. We wish Lumicity well in the next step of their journey.”
ENDS
Notes to Editor:
ESB Novusmodus and Greencoat Capital
ESB, the leading Irish utility, is the sole investor in this fund allowing us to gain a direct utility perspective and leverage its expertise in the sector for the benefit of the fund’s portfolio companies. www.esb.ie
ESB Novusmodus is a €200 million private equity fund, providing growth capital and management support to operating companies across the renewable energy and energy efficiency/resource efficiency sectors.
Existing ESB Novusmodus investments include Nualight, Airvolution, InTune Networks, Geothermal International, tenKsolar, Heliex Power, and Aveillant.
Greencoat Capital is a fund manager that focus on the cleantech and renewable energy sector. It was founded in 2009 and currently manages over €I billion in two separate funds, each with its own distinct mandate. www.greencoat-capital.com