March 5 (SeeNews) - Bulgaria's International Power Supply (IPS) has attracted a 6.5 million levs ($4 million/3.3 million euro) investment from the Bulgarian Development Bank-managed Capital Investments Fund, IPS CEO Alexander Rangelov said on Friday.
"The investment will play a key role in the expansion of the company in the USA and the Middle East, and will allow us to continue to invest in research and development, which will provide us with a competitive advantage on the international markets," Rangelov said in a statement issued by entrepreneurship organization Endeavor.
Rangelov has been a member of Endeavor since 2019.
The investment will be carried out through a capital increase. The procedure has not yet been completed, according to commercial register data.
IPS attracted a 20 million levs investment from Greece-based industrial conglomerate Mytilineos in 2017, and a 4 million levs investment from venture capital firms BlackPeak Capital and PostScriptum in 2017.
IPS specializes in the R&D and manufacturing of power electronics and energy conversion technologies. The company has a portfolio of 33 different product lines, including hybrid and off-grid power systems, rectifiers, inverters, frequency converters and turnkey outdoor power systems.
(1 euro = 1.95583 levs)