Thursday, June 3, 2010

Enphase Energy Locks Onto $63M

Petaluma-based Enphase Energy, a developer of solar microinverters that are expected to improve the efficiency of photovoltaic panels, said today that has completed a second close of its latest financing round, bring the total raised in the round to $63M. The second close included Kleiner Perkins Caufield & Byers and other strategic partners. The firm said the new funding will go towards accelerating product development, global expansion, and to strengthen its balance sheet. Prior investors in the first close were Third Point Ventures, RockPort Capital Partners, Madrone Capital Partners, PCG Asset Management, Applied Ventures LLC, and Bay Partners. Enphase Energy's microinverters are installed alongside photovoltaic systems to convert DC to AC power, and replace existing inverters, which typically are located some distance away from panels connected via DC power. More information »