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04/27/2010 10:33 AM     print story email story  

SolarBridge Raises $15M for Microinverters News

SolarBridge Technologies, a developer of module-integrated microinverters for solar power installations, announced that it has secured $15 million in series B funding.

Founded in 2004, SolarBridge Technologies says its module-integrated microinverters reduce the Levelized Cost of Energy (LCOE) for solar installations by improving reliability, increasing energy production and simplifying installation.

The funds will be used to finalize testing and certification, deploy additional beta sites, and ramp up production, as they attempt to catch up to competitor Enphase Energy, which currently has the market to itself.

Enphase has only been around since 2006, but the company has already sold more than a quarter million of its systems, proving that microinverters are a large niche in the industry.

SolarBridge also intends to expand its operations, sales and marketing teams.

Rho Ventures, a new investor in the company, led the financing round. Battery Ventures, which led series A funding, also participated in series B.

SolarBridge is headquartered in Austin, TX and has an R&D center in Champaign, IL. The company has raised more than $27 million to date.


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