Enphase Energy, a solar microinverter systems company, has secured USD22.5m in new financing, led by Madrone Capital Partners.
Enphase Energy, a solar microinverter systems company, has secured USD22.5m in new financing, led by Madrone Capital Partners.
This round of funding also includes new investor Bay Partners as well as existing investors Third Point Ventures, RockPort Capital Partners and Applied Ventures.
"We are experiencing exceptional demand for our microinverter systems. This financing will be used to ramp up manufacturing, accelerate new product development, and expand into new geographic markets," says Paul Nahi, president and chief executive of Enphase Energy. "Madrone Capital Partners has a proven track record of working with high growth companies and turning them into global leaders."
"The Enphase Energy team has demonstrated extraordinary innovation and execution and we’re excited to be an investor in a company that is poised to extend its leadership in solar inverters," says Jamie McJunkin, general partner at Madrone Capital. "This capital will give Enphase the resources necessary to further accelerate its growth."
Enphase Energy has sold tens of thousands of microinverters since launch. The Enphase systems are providing solar energy for both residential and commercial customers.
Enphase microinverters convert the DC output of each solar module to grid compliant AC power, eliminating the need for large traditional inverters. Enphase says its microinverters have been proven to increase energy harvest five to 25 per cent and reduce installation and operational costs by as much as 15 per cent compared to traditional solar systems.
McJunkin will join Enphase Energy’s board of directors.
