SolarBridge Secures $42 Million to Support Microinverter Expansion Efforts
SolarBridge Technologies, Inc. has closed a $42 million round of funding led by Constellation Technology Ventures, part of Exelon Corp. The funding will be used to expand sales and marketing and continue the company's focus on research and development as it rapidly scales its customer base across North America and Australia. In addition to Constellation Technology Ventures, previous investors Shea Ventures, Rho Ventures and Prelude Ventures participated in the financing. Michael Smith, Constellation vice president and head of Constellation Technology Ventures, will join the SolarBridge Board of Directors.
"This round of funding underscores our position as the leader in AC module technology," said Bill Mulligan, president and CEO of SolarBridge. "AC modules are changing the way distributed PV is sold, designed and installed. Quality and reliability are critical differentiators in the microinverter segment, and our performance has established SolarBridge as best-in-class technology for executing a TrueACâ„¢ module."
"Residential and small-scale commercial solar have experienced tremendous growth in the U.S. and abroad," added Michael Smith. "SolarBridge's unique technology aligns with our growing distributed generation business. AC solar will be a significant contributor to further reducing the cost of solar and driving continued growth in the market."