LCA Low Carbon Acc.

TIDMLCA

RNS Number : 5002J

Low Carbon Accelerator Limited

01 July 2011

01 July 2011

Investment Update: Proven Energy Limited

Low Carbon Accelerator Limited ("the Company" or "LCA") announces that it has made a further investment of GBP750,000 in Proven Energy Limited ("Proven Energy") in the form of a secured loan. Proven Energy is an industry leader in small scale wind with over 3,500 wind turbines in the field spanning 60 countries and every continent. This follow-on investment takes LCA's total investment in Proven Energy to GBP10,650,000 of which GBP9,250,000 represents an equity stake of 81.05% (75.08% on a fully diluted basis post issuance of the senior management team incentive share scheme), GBP650,000 represents the convertible loan and GBP750,000 represents the secured loan. If the convertible loan and related warrants are exercised, LCA's stake would rise to approximately 88% on a fully diluted basis.

This investment is in-line with the budgeted capital requirements of Proven Energy and is consistent with the financial plans it has previously agreed with LCA and highlighted in previous market updates. The proceeds will be used to continue its product development to ensure that it consolidates its market leading position, drives further sales growth and delivers profitable trading this financial year.

Beyond the UK, Proven Energy will also look to consolidate its growing presence in markets around the globe. In particular, the US and Asian markets will be key to the roll-out of the Proven Energy suite of distributed wind turbines. We are continuing our discussions with potential co-investors and we continue to expect Proven Energy to play a significant role in the anticipated consolidation of this sub-sector.

About Low Carbon Accelerator: www.lowcarbon.gg

Low Carbon Accelerator Limited is a closed ended investment company created to invest in a portfolio of fast-growing low carbon businesses. The Company listed on the AIM Market of the London Stock Exchange on 11 October 2006, raising GBP44.5 million. On 26 June 2009, the Company announced that it had raised a further GBP10 million, net of expenses, following the successful placing of a further 41.6 million shares.

The Company invests principally in companies which provide low carbon products and services across the following sectors:

-- Energy efficiency (reductions in energy inputs at source, improved conversion and reductions at point of use)

-- Energy generation (sustainable and clean energy, micro and distributed generation)

The Company's investment strategy is to target trading businesses with patentable technologies and products with a clear commercial application and the opportunity to gain a large market share of a new or expanding market. The Company focuses on businesses with experienced management teams who have developed commercially viable products providing easily adoptable solutions which deliver immediate reductions in carbon dioxide emissions.

Enquiries:

 
Low Carbon Investors Limited  Steve Mahon, CIO  Tel: +44 (0)20 7631 
                               Andrew Affleck,   2630 
                               Chairman 
 
Grant Thornton Corporate      Philip Secrett    Tel: +44 (0) 20 7383 
 Finance                       Colin Aaronson    5100 
Redleaf Polhill               Alicia Jennings   Tel: +44 (0) 20 7566 
                                                 6741 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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