Xantrex Technology’s financing tops $164 million

Privately held Xantrex Technology Inc has increased its capital investment to $164 million in the past 18 months, with a $58.5-million round of financing to accelerate R&D, increase manufacturing capacity and expand its markets. Vancouver-based Xantrex develops power electronic and control products for several markets that convert power from any source into power required by electronic and electrical equipment. Applications include backup power for homes and distributed power solutions such as solar, wind, fuel cell, flywheel and microturbines. With more than 700 employees, the firm has grown rapidly through mergers and acquisitions, fuelled by enthusiastic investors. The latest round of financing came from Rothschild Investment Group (UK), Capital Management LLC (US) and the Ontario Municipal Employees Retirement Board — all participants in past rounds — as well as AGF Canada and Credit Suisse Asset Management. Earlier this year, Xantrex completed a $33-million round of financing, the first since it raised $50 million in 1999. At that time, it acquired Statpower Technologies Corp of Vancouver and announced the appointment of Mossadiq Umedaly as CEO. Prior to his appointment, Umedaly was chair of the Xantrax board and CFO of Ballard Power Systems Inc, a position he held for eight years….