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Enphase Energy closes USD40m in financing

Enphase Energy, a provider of solar microinverter systems, has secured USD40m in funding with Bay Partners leading the equity financing.

The round of financing also includes participation from Horizon Technology Finance, Bridge Bank and existing investors Third Point Ventures, RockPort Capital Partners, Madrone Capital Partners and Applied Ventures.

"Enphase has captured significant market share in the inverter space in an extraordinarily short time frame. This financing will be used to fund our expansion plans and further strengthen our balance sheet," says Sanjeev Kumar, chief financial officer of Enphase Energy. "We are pleased to have the support of Bay Partners, Horizon Technology Finance, Bridge Bank and our existing investors, and their recognition that Enphase is poised to further accelerate this market share growth."

"Enphase has a remarkably driven management team, and an excellent track record of technology innovation. We’re excited to invest in a company that is leading the transition in the inverter market from central to microinverters," adds Sandesh Patnam, general partner at Bay Partners.

The Enphase Microinverter System is the first and only commercially available microinverter system. It improves the economic model of solar energy, helping advance the adoption of residential and commercial solar power.

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