SolarBridge Technologies said it secured $19 million in Series C funding, bring total capital raised by the microinverter maker to more than $46 million. Existing and new investors participated. Rho Ventures, Battery Ventures and the Texas Emerging Technology Fund contributed to earlier rounds.
AUSTIN, Texas (June 20, 2011) – SolarBridge Technologies (SolarBridge), the leading developer of module-integrated microinverters for the solar industry, announced it has secured $19 million in series C funding.The company has raised more than $46 million to date.
The funds, raised from current investors as well as new financial and strategic investors, will be used to ramp up production capacity, expand sales support and logistics organizations and scale up research and development teams.
“We were able to add investors, as well as have current investors participate in our C round of financing,” said Ron Van Dell, president and CEO, SolarBridge. “This exemplifies the confidence in our very capital-efficient business model and the tremendous momentum around our technological approach to ACPV. The SolarBridge AC Module System will dramatically reduce the LCOE for solar installations by improving system reliability, increasing energy production and greatly simplifying the installation process.”
Rho Ventures led the B series financing round. Battery Ventures, which led series A funding, also participated in series B. The Texas Emerging Technology Fund participated as an investor and contributed $1.5 million to the B round as well.
With the recent growth and funding, SolarBridge has also doubled the size of its corporate headquarter offices in Austin and by year end will have 75 employees worldwide.
About SolarBridge Technologies
SolarBridge Technologies, a leader in integrated microinverter technologies for the solar industry, is accelerating the adoption of rooftop solar energy in residential and commercial applications. SolarBridge’s patented Pantheon microinverter mounts directly onto solar modules, greatly increasing system efficiency and reliability, while reducing the cost of solar installation and maintenance. The Pantheon microinverter is designed to match the lifetime of solar modules, enabling module manufacturers to provide a 25-year warranty on their AC modules. The company is headquartered in Austin, Texas. For more information, visit www.solarbridgetech.com.