SolarBridge Technologies, an Austin, Texas–based company, announced in June that it raised $19 million in series C funding. This round of financing was led by existing investors Rho Ventures, Battery Ventures and The Texas Emerging Technology Fund, and included two undisclosed new investors.
The company said the money raised would be used to enlarge production capacity, sales support and R&D teams for its patented Pantheon microinverter. SolarBridge has raised more than $46 million to date in ventures capital.
The Pantheon microinverter is a device that converts the direct electrical power produced by a solar panel into alternating current, which can be used by a house or business or transferred to the utility power grid. It mounts directly onto solar panels rather than act as a standalone unit.
Announced in May, SolarBridge started production of their microinverter with Celestica in Dongguan, China. Earlier this month it added former vice president of research and development at SunPower, Bill Mulligan, to its board of directors.
“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.”
- This post was written by Rob Stewart, a graduate student pursuing an M.A. in Urban Sustainability at the Antioch University of Los Angeles, and edited by Leonard Adler, Founder and Publisher of Green VC.