Finnish energy startup Nocart has raised 5 million euros from Cleantech Invest SPV 5 and two Finnish family offices for accelerating growth.
Nocart, which delivers distributed power plants combining solar, wind, bio and other energy sources as well as energy storage, had 2015 revenue of 3.9 million euros.
“This brings additional resources for the pursuit of market leadership in the rapidly growing market for distributed renewable energy,” said Cleantech Invest CEO Alexander Lidgren. “The build-up of new electricity in off-grid areas is without a doubt one of the biggest business opportunities ever and Nocart is on the very forefront of it.”
The company has been growing fast and has recently announced large agreements in Africa.
“We have managed to grow rapidly and profitably from the beginning and we plan to continue that way. Our pipeline of potential projects continues to grow and the combined value of these projects is now over 600 million euros,” said Nocart CEO Vesa Korhonen.