SolarBridge Technologies Secures $15 Million in
Series B Funding
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PDFBloomberg (April 26, 2010)
SolarBridge Technologies Secures $15 Million in Series B Funding
Rho Ventures Leads Round and Joins Board of Directors
Business Wire
AUSTIN, Texas — April 26, 2010
SolarBridge Technologies, the leading developer of module-integrated microinverter solutions that reduce the Levelized Cost of Energy (LCOE) in solar installations, announced that it has secured $15 million in series B funding. The company has raised more than $27 million to date.
Rho Ventures, a new investor in the company, led the financing round. Battery Ventures, which led series A funding, also participated in series B. The funds will enable SolarBridge to finalize testing and certification, deploy additional beta sites, and ramp up production. They will also be used to expand its operations, sales and marketing teams.
“I am very pleased that SolarBridge’s innovative, module-integrated microinverter attracted both new and previous investors to this up round of funding. The interest that our integral, alternating current photovoltaic (ACPV) solution and monitoring system has generated in the investment community is a direct reflection of the significant opportunity we have in the solar market,” said Ron Van Dell, president and CEO, SolarBridge. “Our microinverter will dramatically reduce the LCOE for solar installations by improving system reliability, increasing energy production and simplifying the installation process.”
With the closing of the series B funding, SolarBridge adds Joshua Ruch, managing partner and co-founder of Rho Ventures, to its board of directors.
“SolarBridge has a proven management team with extensive experience in developing and commercializing power electronics, one of our firm’s core investment sectors,” commented Ruch. “SolarBridge’s solution is unrivaled by anything else we have seen. We are very confident in the company’s ability to ramp to volume production and quickly grow revenue with this fundamentally disruptive solar technology.”
About SolarBridge Technologies:
Founded in 2004, SolarBridge Technologies develops module-integrated microinverter solutions that reduce the Levelized Cost of Energy (LCOE) for solar installations by dramatically improving reliability, increasing energy production and simplifying installation. The company’s comprehensive integral ACPV solution features patented technologies that dramatically improve the reliability of PV inverters, historically the most common failure point of solar installations. The company is headquartered in Austin, TX and has an R&D center in Champaign, IL. For more information, visit www.solarbridgetech.com.
About Battery Ventures:
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company’s life, from start-up and expansion financing, to growth equity and buyouts. Battery has supported many breakthrough companies around the world, including: Airespace (acquired by Cisco), Akamai Technologies (NASDAQ: AKAM), Cbeyond (NASDAQ: CBEY), LIFFE (acquired by Euronext), and Neoteris (acquired by Netscreen). Its current portfolio includes emerging firms such as Angie’s List, Bazaarvoice, Exact Target, GreenBytes, Modular Wind Energy, as well as more established companies such as Consona Corporation, Fingerhut, ITA Software, and MaxLinear. From offices in Boston, Silicon Valley and Israel, Battery manages nearly $4B in committed capital, including its current fund of $750M. For more information, visit www.battery.com.
About Rho Ventures:
Rho Ventures’ multi-stage investing strategy focuses on high-growth companies in large markets that are disrupting traditional value chains. With a broad, but strategic, sector mandate, Rho Ventures’ investments span new media, healthcare, IT, communications, energy technology and other disruptive technologies. Rho Ventures brings nearly 30 years of venture experience, combined with its partners’ deep sector expertise and its far-reaching network
to assist each portfolio company in forming a unique strategy to address the specific sector and stage. This approach has allowed Rho to participate in the growth of some of today’s most innovative and successful companies, including Active Power, Capstone Turbine, Ciena, Compaq Computer, Gloucester Pharmaceuticals, Human Genome Sciences, iVillage, MedImmune, Senomyx, Shire, Tacoda, Tercica, Tripod and Yantra. Rho Ventures is currently investing from Rho Ventures VI, a $510 million fund. The firm has offices in New York City, Palo Alto and Montreal, with investments across the globe. For more information, visit www.rho.com.
Contact:
Shelton Group for SolarBridge
Stacey Gaswirth, 972-239-5119, ext. 132
[email protected]
From BLOOMBERG (April 26, 2010)