Enphase Energy has continued a recent round of fund raising with a US$10 million private placement from two Silicon Valley veterans.
Leading PV microinverter producer Enphase Energy has continued a recent round of fund raising with a US$10 million private placement from two Silicon Valley veterans.
Enphase reported that T.J. Rodgers, founder and former CEO of Cypress Semiconductor, and John Doerr, chairman of venture capital firm, Kleiner Perkins Caulfield & Byers were the investors.
As a result of the private placement of shares, Rodgers would be appointed to Enphase's Board of Directors and an unspecified amount of the funds raised allocated by Enphase to pay for consulting services.
Enphase is seeking advice from Rodgers on overall business operating performance optimisation while supporting its energy management systems business development, according to Enphase.
The company had raised over US$14 million in the fourth quarter of 2016 to secure its financing and undertook cost reduction strategies to reduce operating expenses.