Microinverter Startup GreenRay Raises US $2M

GreenRay Inc. has completed its Series A financing round. The US $2 million investment round was led by the Quercus Trust and enables GreenRay to move ahead with manufacturing, distribution channel development, and commercial launch.

GreenRay was founded in 2006 by a team of former Schott Solar employees. Since then, GreenRay has received more than $3.5 million in government-sponsored funding to demonstrate its AC Module microinverter concept.

This funding has included grants from the Department of Energy and a SEED investment from the Massachusetts Renewable Energy Trust. At the heart of GreenRay’s AC Solar Module is a highly reliable patented micro-inverter paired with energy monitoring.

“PV systems today are too complex and inverters too unreliable. For more than 15 years I have seen the path to simplify PV for consumers and that’s why we set out to leapfrog today’s approach and create a true modular AC system,” said Miles Russell, CEO of GreenRay. “I am excited to have the support of 21 Ventures and the Quercus Trust, who are enabling us to transform the very nature of PV systems.”

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