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Solmetric Corporation
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April 19, 2007
Solmetric Completes Financing Round
Solmetric Raises $250K For Expanded Product Development and Marketing
By Jonathan Shieber
4/19/2007
Solmetric Corp., a manufacturer of solar test and measurement equipment, has raised $250,000 in a fresh round of angel financing, VentureWire has learned.
The angel investment Solmetric has received will be used to continue product development and expand the company's sales and marketing efforts overseas into Germany, the largest solar market in the world.
Founded in November 2005, the Bolinas, Calif.-based company is the brain-child of Willard MacDonald, a former senior design engineer at Agilent Technologies Inc., who launched the company after his own frustrating experience with having a solar energy system installed at his house.
"I had solar panels installed on the roof of my house and was involved with the sales person who came out and did the shade analysis," MacDonald said. "He had a tool which had basically been the industry standard tool and it looked very difficult to use and not very accurate, so the idea for a modern electronic version came from seeing that."
The angel investment Solmetric has received will be used to continue product development and expand the company's sales and marketing efforts overseas into Germany, the largest solar market in the world.
The company sells its sensing and light metering product for around $1355, MacDonald said. Currently, the company has approximately 200 customers, mainly in California, he said, but MacDonald expects that number to increase. There are roughly 2,000 solar installers in the U.S., he said, and all of them are potential customers.
"Customers say that it reduces the amount of time people have to spend determining a new site," MacDonald said. "People think it pays for itself very quickly."
By reducing the installation time, he added, the tool can actually cut costs for the entire solar industry. "Solar is really the way to go and we have massive, massive amounts of solar panels to put up in the next ten years," MacDonald said.
"I had solar panels installed on the roof of my house and was involved with the sales person who came out and did the shade analysis," MacDonald said. "He had a tool which had basically been the industry standard tool and it looked very difficult to use and not very accurate, so the idea for a modern electronic version came from seeing that."
The angel investment Solmetric has received will be used to continue product development and expand the company's sales and marketing efforts overseas into Germany, the largest solar market in the world.
The company sells its sensing and light metering product for around $1355, MacDonald said. Currently, the company has approximately 200 customers, mainly in California, he said, but MacDonald expects that number to increase. There are roughly 2,000 solar installers in the U.S., he said, and all of them are potential customers.
"Customers say that it reduces the amount of time people have to spend determining a new site," MacDonald said. "People think it pays for itself very quickly."
By reducing the installation time, he added, the tool can actually cut costs for the entire solar industry. "Solar is really the way to go and we have massive, massive amounts of solar panels to put up in the next ten years," MacDonald said.
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