Narec Capital appoint Frontier as renewable fund manager
Narec Capital Limited have appointed Frontier IP as its provider of fund management and administration services, in a move which will accelerate the deployment and reduce costs for renewable energy projects.
The provider of consultancy and finance services to companies in the renewable energy sector selected Frontier IP as its partner based on the company’s experience of IP-oriented funds, as well as its knowledge of the renewable energy sector.
Jerry Biggs, CEO of Narec Capital, said: “The strengths of Frontier IP strongly complement those of Narec Capital and will enable us to move quickly to launch our first fund later this year.
“The combination of Frontier IP’s outstanding track record in early stage investing combined with our unique ability to select and de-risk promising clean technology companies, will bring much-needed additional financial capacity to the renewable sector.”
Narec Capital is part of the Narec Group, and a joint venture between Narec the UK’s national research centre for accelerating the deployment of offshore renewable energy technologies and Ashberg Ltd.
Narec is currently investing over £150m of public and private finance to establish the UK’s offshore renewable innovation facilities. The new funds which Narec Capital will be launching will support the ongoing delivery of renewable energy projects emerging from sources including utilities, manufacturers, universities and research centres.
Neil Crabb, Executive chairman of Frontier IP commented: “I am delighted to be signing this agreement with Narec Capital, partner of the UK’s national research centre for advancing the development of renewable energy through technology-led innovation.
“We believe that our expertise in both in IP-oriented funds and the renewable energy sector means that we are ideally suited to partner with Narec Capital.”
The funds to be put in place by Narec Capital and managed by Frontier IP will help address the acute funding gap being experienced by many clean technology companies, which are often of paramount importance to reducing the cost and deployment time frame of renewable energy projects.
Andrew Mill, CEO of Narec, added: “The combination of Narec’s leading renewable test assets with the financial skill of Narec Capital and Frontier IP, will optimise the ability to pick promising technologies and apply investment, within a risk controlled environment. “
This was posted in Bdaily's Members' News section by Ruth Mitchell .
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