SOLARGEN Solutions of Newport has secured £200,000 of venture capital from Finance Wales.

The firm claims to be one of Europe's forerunners in the design, manufacture and installation of solar-powered products.

Finance Wales senior investment manager Chris Burgess said: "Venture capital investment is an option open to companies that demonstrate viable plans for growth as well as for the development of innovations and new technologies.

"From the outset, SolarGen has displayed a strong commitment to expanding the company by offering a well researched sales strategy, and a highly focused management team.

"With a sound product base already in place this investment will help to realise the sales potential."

SolarGen specialises in the commercial application of solar technology for public street lighting, bus stop shelters, traffic warning systems and information signs.

The company recently designed and installed a solar-powered street lighting scheme for Newport council.

A solar-powered water purification system is also undergoing trials in the Far East.

The firm's chief executive, Ken Bird, said: "With increasing government support for renewable energy projects, the solar power market is growing at a tremendous rate.

"We need to make sure SolarGen and Wales is at the cutting edge of sustainable technology at home and abroad."

"This investment means we can exploit markets in the UK and further afield more effectively."

SolarGen was introduced to Finance Wales last June by accountants Kilsby & Williams.

More information on the activities of Finance Wales is available online at www.financewales.co.uk