California, United States [RenewableEnergyWorld.com] Enphase Energy has secured $22.5 million in new financing, led by Madrone Capital Partners. This round of funding also includes new investor Bay Partners as well as existing investors Third Point Ventures, RockPort Capital Partners and Applied Ventures LLC.
“We are experiencing exceptional demand for our microinverter systems. This financing will be used to ramp up manufacturing, accelerate new product development, and expand into new geographic markets,” said Paul Nahi, President and CEO of Enphase Energy. “Madrone Capital Partners has a proven track record of working with high growth companies and turning them into global leaders.”
Enphase Energy has sold tens of thousands of microinverters since the product was launched last year. Enphase microinverters convert the DC output of each solar module to grid compliant AC power, eliminating the need for large traditional inverters. Enphase microinverters have been proven to increase energy harvest 5 to 25 percent and reduce installation and operational costs by as much as 15 percent compared to traditional solar systems.
As part of the deal, Jamie McJunkin, General Partner of Madrone Capital Partners will join Enphase Energy’s Board of Directors.