Austin tech company SolarBridge raises $42 million for growth

Mar 7, 2014
Austin American Statesman

SolarBridge Technologies said Thursday it has raised $42 million to expand sales and marketing and continue its research and development efforts


The Austin-based company is a leading maker of microinverters, which are devices that convert the electrical energy from solar panels into alternating current that can be used in homes, businesses or the electrical grid


The company, which typically partners with solar panel makers, says its products improve the efficiency of solar power arrays and make system installation quicker and less expensive


The lead investor in the deal is Constellation Technology Ventures, which is part of Exelon Corp., a leading U.S. competitive energy provider. Previous investors Shea Ventures, Rho Ventures and Prelude Ventures also participated in this round of funding


SolarBridge, which moved its operations to Austin from Illinois in 2009, previously raised $63 million


In June, the company changed CEOs, with Ron Van Dell replaced by board member Bill Mulligan, who is a 25-year veteran of the solar power industry. The company has 70 employees


SolarBridge said it will expand its operations as it grows its customer base across North America and Australia. The company has partnered with panel makers in both countries with a focus on residential solar systems


The new SolarBridge funding is the second Austin-area venture funding deal of more than $40 million in the first quarter of the year. In February, Austin-based Spiceworks, which runs an online network for the IT industry, said it had raised $57 million to accelerate hiring and expand product development


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