Enphase Energy announced that it has secured $40 million in funding, with Bay Partners leading the equity financing. This round of financing also includes participation from Horizon Technology Finance, Bridge Bank and existing investors Third Point Ventures, RockPort Capital Partners, Madrone Capital Partners and Applied Ventures LLC.
"Enphase has captured significant market share in the inverter space in an extraordinarily short time frame. This financing will be used to fund our expansion plans and further strengthen our balance sheet," said Sanjeev Kumar, Chief Financial Officer of Enphase Energy. "We are pleased to have the support of Bay Partners, Horizon Technology Finance, Bridge Bank and our existing investors, and their recognition that Enphase is poised to further accelerate this market share growth."
"Enphase has a remarkably driven management team, and an excellent track record of technology innovation. We’re excited to invest in a company that is leading the transition in the inverter market from central to microinverters," said Sandesh Patnam, general partner at Bay Partners.
"Shipping 250,000 inverters in such a short period of time is a remarkable achievement for any company," said Greg Clark, Managing Director of Horizon Technology Finance. "This new round of financing will enable Enphase to continue this phenomenal growth."
"We look forward to providing a fast-growing company like Enphase with working capital," said Mike Lederman, Senior Vice President and Team Leader of Bridge Bank’s Technology Banking Group in San Francisco. "Enphase’s success thus far is a direct result of their ability to execute and we’re excited to participate in their growth."
Enphase states that its microinverter systems provide more productive, reliable, safe and cost-effective solar energy than conventional approaches, for both small and large-scale systems. The Enphase Microinverter System is described as the first and only commercially available microinverter system. It is said to dramatically improve the economic model of solar energy, helping advance the adoption of residential and commercial solar power.
Enphase states that its systems offer a number of advantages over traditional central inverters including a five-to 25% increase in energy yield, increased system reliability as well as a simpler and safer installation. Enphase products also remove design constraints by allowing modules to be installed in any combination of type, age and location. In addition, a proprietary communications technology is a key component of the Enphase Microinverter System, enabling continuous, remote, per-module monitoring to maximize energy production.
