SOURCE: Enphase Energy
September 09, 2008 08:00 ET
Enphase Energy Raises $15 Million to Meet Growing Demand for Its Solar Micro-Inverter System
PETALUMA, CA--(Marketwire - September 9, 2008) - Enphase Energy, Inc., the leading developer
and manufacturer of solar micro-inverter systems, today announced that it
has raised $15 million in new funding to expand manufacturing of its
groundbreaking products. 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 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."
"With thousands of units in the field and increasing demand, customer
acceptance of
Enphase Micro-inverters has exceeded expectations," said Paul Nahi,
President and CEO of Enphase Energy. "Customers see the considerable
economic benefits of the Enphase Micro-inverter Systems -- increased energy
production, higher reliability and reduced operational costs. This
additional investment will enable us to respond to the accelerating demand
for our products."
"Enphase has done an excellent job at each step of the company's growth,"
said Robert Schwartz, Managing Partner at Third Point Ventures. "They have
built an exceptional team, developed a game-changing solution, and brought
it to market right on time. We are very optimistic about the future of the
company and pleased to continue our support."
The Micro-inverter Difference
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 high efficiency 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 Micro-inverters have a Mean Time Between Failure (MTBF) of
119 years providing system availability of greater than 99.8% -- a key
consideration for both commercial and residential installations. The
Enphase Micro-inverter Systems dramatically simplify design, installation
and management of solar systems leading to Balance-of-Systems and Labor
savings of about 15%. All these factors contribute to a greater ROI for
solar system owners.
About Rockport Capital Partners
RockPort Capital Partners is a leading venture capital firm partnering with
clean tech entrepreneurs around the world to build innovative companies and
bring disruptive technologies and products to the 21st century. RockPort's
investment approach is distinguished by collaboration with management teams
to foster growth and create value. Combining domain expertise with policy
and international experience, RockPort has a proven track record of
leveraging its insights and networks to foster growth and create value.
About Enphase Energy
Enphase Energy provides solar energy management systems for residential and
commercial customers. The company pioneered the industry's first networked
solar energy system, which includes high-efficiency micro-inverters,
communications gateways and web-based analytics and visualization. Founded
in 2006 and based in Northern California, the company is led by veterans
from the solar and high tech industries and backed by industry leaders. For
more information, please visit www.enphaseenergy.com or call (707)
763-4784.