Enphase Ready for Ontario FIT Program

The microinverter company Enphase Energy announced a new microinverter for the Ontario, Canada market this week. This new product will fulfill the domestic content requirement and will therefore enable installers to participate in the Ontario Feed-in-Tariff (FiT) program.

Enphase, like many other companies, have been working to ensure their products qualify for the program, which requires 60% of materials and labor for installations to come from the province.

The Enphase production line will have a capacity of 100 MW (500,000 microinverters) in the first year. The company plans to double this capacity to one million microinverters to support expected demand in 2011.

In other news, Enhpase also announced that it has secured $40 million in funding, with Bay Partners leading the equity financing. This round of financing also includes participation from Horizon Technology Finance, Bridge Bank and existing investors Third Point Ventures, RockPort Capital Partners, Madrone Capital Partners and Applied Ventures LLC.

Recognized as the fastest growing inverter company in the U.S. in 2009, Enphase Energy continues to outperform the market having sold more than a quarter million microinverters since launch.

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