Blyth renewable energy firm secures £200k investment

Renewable energy company, Solar Capture Technologies, has secured a £200k investment from Northstar Ventures’ Finance for Business North East Proof of Concept Fund.

Previously known as NAREC Solar, Solar Capture Technologies manufactures specialist products that deliver consistent results, particularly where reliability and safety is paramount.

The funding received comes from the £15 million pot offered by Northstar Ventures’ Finance for Business North East Proof of Concept Fund. Alongside an injection from the management team, the investment is being used for working capital and to hire new recruits.

The Fund’s investments are generally between £20k and £100k. The Fund is targeted at eligible technology businesses located, or with substantial operations, in the North East of England.

Steve Caseley, chief executive of Solar Capture Technologies, said: “I am delighted to be working with Northstar Ventures in this exciting phase of our development, this is an unusual business in that we are coming from a very credible academic background in Solar Photovoltaic physics and taking this capability into the commercial world.”

Richard Charnley, investment manager at Northstar Ventures, said: “Working alongside Steve for this investment has been a great experience as he is a driven, experienced and enthusiastic owner. The commercial part of the operation is founded on substantial R&D experience and capability, and we are confident that this will continue to open further opportunities in the future. Already, the company has secured some excellent sales including the US Navy and Local Parking Security.”