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Environmena welcomes Masdar investment

Masdar and Good Energies have both invested in solar energy company

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Environmena will use the funds to expand further
Environmena will use the funds to expand further

Environmena Power Systems has announced it has closed its Series B investment round, with Masdar and Good Energies joining zouk Ventures and New Energies Invest as shareholders.

The investments total $US15million in equite and equity warrants and the firm will use the funds to expand operations throughout the Middle East and North Africa and maintain its current position in the Middle East solar power market.

“Enviromena is very excited to have tier one Cleantech funds like 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,” Enviromena CEO Sami Khoreibi commented.

Masdar was quick to praise the firm’s work in the region in recent months. “Enviromena has achieved much in a short period and those achievements have earned it the attention of some of the most 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,” Dr Sultan Al Jaber, CEO, Masdar revealed.

Masdar will become the largest shareholder of Environmena followed by Good Energies and zouk. The two firms will now have board representation in Environmena.
 

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