Reading: University spin-outs reach new landmark

Last month, University of Reading spin-out companies reached a new landmark with the completion of a £2.7 million funding round by Whitfield Solar. This takes the total investment raised by companies spun out from the University above £5m.

Significantly, more than £3m of investment was raised during 2009. Since early-stage investment has declined substantially during the recession, this is a particularly impressive achievement which demonstrates investors’ recognition of the exciting potential of the University’s research.

Whitfield Solar was incorporated in 2004 with seed investment from the Cascade Fund, as a vehicle to commercialise the research work of Dr George Whitfield and Dr Roger Bentley from the University of Reading into low-cost solar concentrators. In November 2009 it received further investment from the Cascade Fund, as part of an overall injection of £2.7m by a private syndicate of new investors along with existing investors Carbon Trust Investments and Kilsby.

Whitfield Solar has successfully proven its solar concentrator platform at test sites in Spain and now has one of the only commercially available roof top concentrator platforms on the market.The new funding will enable it to expand its workforce and build on existing commercial success in Spain, extending its sales strategy in both existing and emerging solar markets. It is fast demonstrating the potential to become a UK clean tech export success story.

Stephen Bates, chief executive at Whitfield Solar, said: “Since Whitfield Solar incorporated in 2004, we have proven the technology that came out of three decades of research into low-cost solar concentrators. We are now planning to tap into a wealth of commercial opportunities, both in Europe and farther afield.

"We are confident that this additional funding will provide the catalyst for us to grow the business in our existing European market and make significant inroads into the rapidly expanding solar market in Asia-Pacific.”