Enphase Energy Raises US $63M

Enphase Energy Inc announced the second close and completion of its latest financing round totaling US $63 million. Investors in the round’s second close include Kleiner Perkins Caufield & Byers (KPCB) and other strategic partners.

The funds will enable Enphase to accelerate product development, launch global expansion plans and strengthen its balance sheet. Since its launch in 2008, Enphase Energy has sold more than 300,000 microinverters.

“Our success in commercializing the world’s first microinverter system has placed us in a unique position to accelerate the global shift toward clean energy,” said Paul Nahi, CEO at Enphase Energy. “Kleiner Perkins has shaped multiple industries by helping to build some of the most successful high-tech companies in the world, and we are proud to partner with them to bring clean energy into the mainstream.”

The first close of the financing round included Third Point Ventures, RockPort Capital Partners, Madrone Capital Partners, PCG Asset Management and Applied Ventures LLC, as well as new investor Bay Partners.

The company announced in late May that  it had introduced Enlighten 2.0, a new release of its web-based solar system monitoring and management platform. The new version offers an updated look and feel and expanded features that Enphase said benefit solar system owners and installers.

Enlighten was launched in 2008, as part of the Enphase Microinverter System. With the new array building feature, solar installers can set up Enlighten websites for newly installed solar systems in a matter of minutes, allowing new system owners to begin viewing performance information much more
quickly than in the past.

Enlighten 2.0 enables mobile access from smart phones, allowing solar system owners to view clean energy production information remotely. Smart phone browsers are automatically guided to the mobile version of Enlighten.


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