SolarBridge Awarded $1.5 Million from the Texas Emerging Technology Fund

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AUSTIN, Texas (March 22, 2010) - SolarBridge Technologies is pleased to announce that it has been awarded $1.5 million from the State of Texas through the Texas Emerging Technology Fund (TETF) for the development of its module-integrated microinverter and management system. SolarBridge will use these funds to accelerate product development as the company prepares for the 2010 launch of the SolarBridge Microinverter, a critical component in an integral, alternating current photovoltaic (ACPV) solution.

For years, solar companies have been working to reduce the Levelized Cost of Energy (LCOE) for residential and small commercial solar installations, and the SolarBridge Microinverter is a pivotal technology for making this a reality by providing unparalleled reliability, increased energy production, and simplified installation. Timing of SolarBridge’s product launch could not be better; according to IMS Research, the global PV inverter market is projected to grow at a double-digit rate, exceeding $4 billion by 2013.

“We have succeeded in creating a module-integrated microinverter like nothing else on the market,” said Ron Van Dell, President and Chief Executive Officer of SolarBridge Technologies. “By making this investment in SolarBridge, the State of Texas recognizes the impact that our technology will have on making solar installations significantly more reliable and affordable.”

The SolarBridge Microinverter’s patented architecture yields unprecedented reliability by eliminating the most failure prone components, such as electrolytic capacitors and opto-isolators, found in central inverters and competing microinverters. As such, the SolarBridge Microinverter can match the service life of the PV module to which it is directly attached.

In addition to product development, TETF funds will also enable SolarBridge to double the size of its Austin headquarters, with the expected hire of 15 new employees in the areas of engineering, marketing, and operations in 2010. SolarBridge expects to add a total of 60 employees in Austin over the next 3 years. “The TETF is helping to create a culture of innovation in our state by moving Texans’ good ideas from the laboratory to the marketplace,” Gov. Perry said. “This investment in SolarBridge will help improve solar technology and increase the use of solar energy.”