Fullsun Photovoltaics Limited
Seedcorn Fund Case Study
West Yorkshire business Fullsun Photovoltaics Limited was started in April 2012 and develops high concentrating photovoltaic (HCPV) modules for the utility and commercial markets.
The Keighley-based business develops products for the utility and commercial markets, with a mission to drive down cost and simplify design.
The company’s products are primarily aimed at regions around the world with high sunlight intensity and temperatures where HCPV technology is superior to the traditional flat plate silicon or thin film alternatives.
Fullsun Photovoltaics is currently developing the prototype for a HCPV solar module – a product the team hopes will make the company a major global player.
Following a six-figure Seedcorn Fund investment from Finance Yorkshire, the company is developing the prototype and Proof of Concept.
Chief Executive Officer Hugh Rudden said: “Finance Yorkshire fill a very important gap in the market as there is quite a big hole between angel investing for new start-ups and venture capitalist style funding for larger, well-established firms.
“We’ve got a very exciting product and it’s great that something like this can continue to be developed right here in the region because of access to the sort of funding Finance Yorkshire offers.”
The Investment Rationale
Finance Yorkshire Investment Manager Graham Davies said: “Hugh has spent 20 years in senior management positions and has brought to market various new technologies and products in the hi-tech electronics markets.
“His Chief Technical Officer Geoffrey Duggan has 30 years industrial experience in multinationals, SMEs and start-ups, has worked with high profile names including Philips and Sharp and has been granted 11 US Patents.
“The combination of the duo’s wealth of experience and their passion for this product to be developed here in Yorkshire, mean we were keen to get involved and support the growth of Fullsun, which we hope will become a beacon company for the region.”
Hugh said: “We are in the early stages, but in a year, once we have taken the prototype through testing, we will be looking to expand the engineering team adding at least 12 new jobs. Longer term once the company launches into production we will be looking at very significant growth and expansion”
Graham added: “We will be working with the company to seek further funding and advice from other organisations, which have experience and connections within the high-sun regions around the world, to support the future development of the product.”
Note: this case study is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire