Northern California-based Enphase Energy has secured $22.5 million in new financing.
Founded in 2006, the company provides solar energy management systems for residential and commercial markets. The systems include high-efficiency microinverters, communications and web-based monitoring and analysis.
Madrone Capital Partners led the funding round, joined by new investor Bay Partners as well as existing investors Third Point Ventures, RockPort Capital Partners and Applied Ventures, LLC.
"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," said Paul Nahi, President and CEO of Enphase Energy.
Enphase Microinverters convert the DC output of each solar module to grid compliant AC power, eliminating the need for large traditional inverters. Enphase said microinverters have been proven to increase energy harvest 5 to 25% and reduce installation and operational costs by as much as 15% compared to traditional solar systems.
Enphase systems also allow monitoring at the module level, ensuring maximum performance.
In February 2009, Enphase partnered with Akeena Solar (Nasdaq: AKNS) to develop and market its systems with Akeena’s Andalay solar panel systems.
Enphase raised $15 million in venture financing in September 2009.
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