Enphase Energy, a developer of microinverter systems for solar power systems, $40 million in additional funding.
Bay Partners led the equity financing round, joined by Horizon Technology Finance, Bridge Bank (NASDAQ:BBNK) and existing investors Third Point Ventures, RockPort Capital Partners, Madrone Capital Partners and Applied Ventures LLC.
Sanjeev Kumar, chief financial officer of Enphase Energy, said the funding will be used for expansion plans and to strengthen the company's balance sheet.
Enphase Energy was one of the fastest growing inverter companies in 2009 and has sold more than a quarter million microinverters since launch.
The Enphase Microinverter System is the first and only commercially available microinverter system.
The company says its systems offer a number of advantages over traditional central
inverters including a 5% to 25% increase in energy yield. Enphase products also remove design constraints by
allowing modules with their own designated inverters to be installed in any combination of type, age and
location. The systems also include proprietary communications technology enabling continuous,
remote, per-module monitoring via the Web.
Founded in 2006 and based in Northern California, Enphase Energy provides solar energy management systems for residential and commercial markets.
The company raised $22.5 million in May 2009. It also has a partnership with Akeena Solar (Nasdaq: AKNS) to provide microinverters for the Andalay solar panels, which are being sold in select California Lowe's (NYSE: LOW) stores.