Thursday, June 03, 2010

Kleiner Perkins bets on Solar Micro Inverters, invests in Enphase Energy

Enphase Energy Inc., the leader in solar microinverter systems, today announced the second close and completion of its latest financing round totaling $63 million. Investors in the round’s second close include Kleiner Perkins Caufield & Byers (KPCB) and other strategic partners. The funds will enable Enphase to accelerate product development, launch global expansion plans and strengthen its balance sheet. The first close of the financing round included existing investors Third Point Ventures, RockPort Capital Partners, Madrone Capital Partners, PCG Asset Management and Applied Ventures LLC, as well as new investor Bay Partners.

“Our success in commercializing the world’s first microinverter system has placed us in a unique position to accelerate the global shift toward clean energy,” said Paul Nahi, chief executive officer, Enphase Energy. “Kleiner Perkins has shaped multiple industries by helping to build some of the most successful high-tech companies in the world, and we are proud to partner with them to bring clean energy into the mainstream.”

No comments: