PV module power optimizer firm, SolarEdge Technologies has successfully closed a US$37 million round of new funding, bringing officially announced funding since 2008, close to US$100 million. The latest funding comes from Norwest Venture Partners (NVP), not believed to have been a previous investor in Solaredge.
SolarEdge said that the funds were designed to continue to grow the business, having seen significant growth, especially in the last two years.
“SolarEdge has successfully created and is leading the module-level power optimization market segment,” said Guy Sella, chief executive officer of SolarEdge. “Norwest Venture Partners has a long and strong track record in funding successful companies, and the firm has leveraged its size, global presence and heritage to offer these companies high-level, long-term assistance.”
“Today’s funding round will be used to capitalize on this potential, fuel the company’s growth worldwide and establish SolarEdge products and technology as a quality standard for reliable and efficient solar energy systems,” added Dror Nahumi, NVP.
Early investors included Walden International, Opus Capital and Genesis Partners, Vertex Venture Capital, ORR Partners and JP Asia Capital Partners while GE Energy Financial Services also supported a follow-on round in 2011.
Further VC companies joined a funding round in October, 2010, which included Lightspeed Venture Partners. In mid-2011, Solarbridge also received US$8 million as a credit line from the Silicon Valley Bank.