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Dublin: 24.04.2014 09.51AM
The €200m clean-tech and renewable energy fund Novusmodus, which was set up in 2009 by ESB, has rebranded as Greencoat Capital as it aims to broaden its investment activities.
Novusmodus, which manages a €200m clean-tech fund for ESB, said in a statement the rebrand to Greencoat Capital reflects the "widening of the firm's activities beyond its long-established relationship with ESB".
The fund has invested in Irish companies such as Nualight, a LED lighting specialist, and the fibre-communications company Intune Networks.
Novusmodus also recently led a stg£5m funding round in Heliex Power, a spin-out from City University London that is developing technology to generate electrical power using waste steam from industrial processes.
Some of the fund's other investments at the minute include Airvolution Energy, an onshore wind-farm developer in the UK, and the Irish wind-farm developer Wind Energy Direct.
Novusmodus has also invested in the US-based solar photovoltaics manufacturer tenKsolar.
Referring to the new Greencoat brand, managing partner Richard Nourse said the fund will continue to identify investment areas within the wider renewable and clean-tech sector.
"Greencoat Capital's relationship with ESB remains a strong one, but with the widening of our activities a change of name is desirable," he said.
Wind turbine image via Shutterstock