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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