New York, United States — Direct Grid Technologies LLC, which manufactures solar micro?inverters announced that it has successfully secured US $4.7 million in private equity financing.
The company will use proceeds to launch manufacturing with the required capacity to meet secured purchase agreements with a variety of solar equipment manufacturers.
“The financing is an enormous booster. Not only does it assist in a timely ramp of Direct Grid’s manufacturing operations, it also hastens the regulatory certification process to quickly enable us to fulfill booked orders,” said Frank Cooper, Direct Grid president. “In parallel to U.S. certification requirements, the first phase of European certifications for our micro?inverter is well underway. Targeted completion for certifications will be by the beginning of the third quarter 2010.”
Certifications will include UL1741/IEEE1547, VDE 0126, FCC Part15 Class B and CE. Direct Grid expects to commence product shipments to lead customers beginning July 2010.
To learn more about Direct Grid’s technology, watch the video below.