Solus Power Secures USD28 million from Dubai Private Equity Firm

Solus Power has secured a $28 million (GBP22 million) investment from Dubai-based private equity firm Petra Equity Partners.  The strategic investment follows Marbanc International's investment via a subsidiary in the London-based sustainable energy business in a previous investment round.

Petra Equity's investment will further boost Solus Power's capabilities to commercialize its commercial-grade portable chargers for electric vehicles. The company is well positioned to capitalize on the rapid growth in the electric vehicle market which has resulted in infrastructure challenges for EV owners which Solus Power's solutions address.

Solus Power, known for its pioneering advancements in commercial-grade portable charging technologies, is rapidly establishing itself as a pioneer in the industry following an agreement reached earlier this year with with London Stock Exchange listed security and defence company, QinetiQ (LON:QQ).  The agreement  will see Solus Power and QinetiQ collaborate to develop its portable charging solutions across a wide range of commercial applications.

Marbanc International announced its strategic investment via a subsidiary in Solus Power earlier this year in line with the group's focus on technology-focused businesses with strong growth potential.