Enphase, the leading microinverter firm, just announced the second close of a $63 million financing round with participation from Kleiner Perkins Caufield & Byers (KPCB), PCG Asset Management and other strategic investors.
Paul Nahi, Enphase's CEO, explained, ""We were very over-subscribed this round and were in the fortunate position of being able to choose the best investor."
The first close of the financing round included Third Point Ventures, RockPort Capital Partners, Madrone Capital Partners, PCG Asset Management, Applied Ventures and Bay Partners.
In a solar universe comprising more than 250 early-stage startups, many of them shipping PowerPoints in volume (see Solar Bloodbath 2010), microinverter builder Enphase has essentially created a new market sector and run with it. This approach has won them more funding and strong market acceptance.
We've reported on the many aspirants in microinverters and DC-boost architectures in detail here and here, and we've reported on recent developments at Enphase here.
Enphase, with the help of its manufacturing partner, Flextronics, has managed to ship more than 300,000 microinverters since beginning shipments about two years ago. The wholesale price of the unit is in the $150 range, so that's $45 million dollars in revenue so far and growing fast.
Enphase recently announced a microinverter design specifically for the Ontario, Canada market that will fulfill Ontario's Domestic Content requirement, allowing installers to participate in the Ontario Feed-In Tariff (FiT) program. Enphase's Canadian production line will have a capacity of 100 megawatts (500,000 microinverters) in the first year. The company plans to double this capacity to one million microinverters in 2011... read more
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Thursday, June 03, 2010
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