California, United States [RenewableEnergyWorld.com] Enphase Energy Inc. announced that it has raised US $15 million in new funding to expand manufacturing of its micro inverter systems. New investor RockPort Capital Partners led the round, and existing institutional investors Third Point Ventures and Applied Ventures LLC, the venture capital arm of Applied Materials Inc., also participated.
“We are excited to join the Enphase team,” said Todd Wilson, general partner at RockPort Capital Partners, who will now join the Enphase Energy board of directors. “The company’s products are industry-defining and Enphase has proven management, a soaring market, and an excellent value proposition. We are committed to helping Enphase reach the next levels of success.”
The company had 1000 units of the product in Beta testing until June when they became commercially available. Since then the company said that it has received more than 1000 orders per month. The capital raised in this round will be used as working capital to help meet the level of demand and for Research & Development.
Enphase Energy micro-inverters are installed in commercial and residential solar power systems throughout the continental United States and Hawaii. Enphase products are compatible with most major brands of solar modules and are available from leading solar distributors and installers.
Enphase systems include micro-inverters that convert the DC power from each solar module to grid compliant AC power. In addition, the Enphase micro-inverters send performance information from each module to a secure website for analysis and visualization. Micro-inverters eliminate the need for a large centralized inverter. Enphase micro-inverter Systems have demonstrated energy harvest gains between 5 and 25% over traditional inverters, the company said.
For more on the micro-inverter technology, read our RE Insider Time for a Change: Micro-inverters Improve Performance of Solar Systems from Raghu Belur, co-founder and vice president of marketing at Enphase Energy.