US-based solar microinverter provider SolarBridge closes $42M in funding
SolarBridge Technologies has secured $42 million in a recent financing led by Constellation Technology Ventures, according to MarketWach.
Constellation vice president Michael Smith said of SolarBridge: "Residential and small-scale commercial solar have experienced tremendous growth in the U.S. and abroad. SolarBridge's unique technology aligns with our growing distributed generation business. AC solar will be a significant contributor to further reducing the cost of solar and driving continued growth in the market."
Under the terms of the investment deal, Smith will become part of SolarBridge's board. Other investors in the said round include Shea Ventures, Prelude Ventures, and Rho Ventures, the report detailed.
SolarBridge will use the capital infusion for its expansion in North America and Australia. In addition, the fund will also back research and development activities, the report explained.
SolarBridge is a company that provides solar microinverters for TrueACTM solar systems. The firm aims to reduce energy cost by increasing energy production and providing a simpler method of solar installation, MarketWatch reported.