Market-leading online B2B photovoltaic exchange secures growth capital.
London/Munich, WHEB Partners (“WHEB”), one of Europe’s leading clean technology private equity firms, has invested in the German company pvXchange GmbH (“pvXchange”).
pvXchange is the leading global B2B exchange for photovoltaic components. The company was founded in 2004 in Berlin, Germany and has activities throughout Europe, the USA, Canada and East Asia.
The primary function of pvXchange is to provide liquidity to the solar component market and to bridge multiple tiers of the PV solar industry’s supply chain. On the seller side of the exchange, this means functioning as a distribution and sales channel for vendors. On the buyer side, the exchange is a procurement source and a procurement decision making tool to solar installers and distributors.
Over the past four years, pvXchange has grown its traded volume at more than 100% annually, making it one of the fastest growing start-ups in the European cleantech industry. This round of funding should enable pvXchange to accelerate its already impressive growth globally by investing in technology development and entry into new international markets.
Jörg Sperling, partner at WHEB, said: “WHEB was attracted to pvXchange because of the scalability and universal applicability of its business model. We estimate that the addressable market for this service was 7GW or €10.7bn in 2010 and it is forecast to grow to 21.6GW or €19bn in 2015. We are looking forward to working in partnership with the management team to make this a global success story”.
Kai Malkwitz, Founder and Managing Director of pvXchange GmbH sees in WHEB the ideal partner for pvXchange’s expansion: “WHEB’s vast expertise in cleantech brings a valuable outside perspective to pvXchange. Early on in our funding process WHEB stood out as an honest, reliable and thorough partner. Their straightforward approach was refreshing. After the deal closed they immediately connected us to their global network and have already contributed significantly.”
Legal services were provided by Hogan Lovells and financial due diligence by RoeverBroenner.
About WHEB Partners
WHEB Partners invests in cleantech companies with high growth potential. A pioneer in Europe’s clean technology sector, WHEB began as an award winning clean technology incubator and corporate finance firm in 1995 before focusing on private equity fund management. It raised the UK’s first broad based clean technology fund in 2005 and now manages two clean technology funds with total assets under management of £130 million. WHEB’s team of investment professionals are based in both its London and Munich offices. WHEB Ventures is supported by the European Union through the Competitiveness and Innovation Framework Programme (CIP). More information at www.whebpartners.com.
Founded in 2004, pvXchange is the leading global online business-to-business (B2B) exchange for photovoltaic modules and inverters. pvXchange mediates the exchange and brokers the sale and purchase of components between buyers and sellers. In 2010, 184 megawatts of solar modules were traded on the exchange. pvXchange is headquartered in Berlin, Germany and has activities throughout Europe, the USA, Canada and East Asia. More information at www.pvxchange.com