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IFC, Industrifonden, AP2 invest €15m in Swedish ICT developer Flexenclosure

28 May 2013

Investors including development finance group IFC, venture capital firm Industrifonden and pension fund AP2 have committed SEK160m(€15m) to Flexenclosure, a Swedish developer of intelligent power management systems and data centres for the ICT industry.

The new capital from IFC, alongside Flexenclosure’s existing investors, will be used to further develop the company’s eSite and eCentre technologies, “green” ICT solutions aimed mainly at the developing markets in Asia and Africa.

“An estimated 800,000 cellular base stations in emerging markets rely on diesel generators for their power supply,” said Andrew Bartley, IFC’s chief investment officer for telecoms, media, and technology. “This is a great potential market for Flexenclosure’s innovative product offering. Its growth strategy is directly aligned with IFC’s goal to improve access to mobile-phone systems for people in rural areas in emerging markets while also reducing global greenhouse-gas emissions.”

“We have an aggressive research and development programme and are growing our sales operations in emerging markets. During the last year we have opened offices in Nigeria, Kenya, Pakistan, India, Malaysia and Dubai,” added Flexenclosure’s CEO David King. “Having IFC as a strategic investor will give us access to their global expertise and network, further enhancing our expansion strategy.”

Just last week, IFC invested in Armenian fruit juice company Euroterm.

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