Solar microinverter innovator Enphase Energy has raised more money, as the company announced the completion of its latest round of financing to the tune of $63 million. Investors in the round’s second close include Kleiner Perkins Caufield & Byers and other strategic partners. Enphase said that the funds will enable it to accelerate product development, launch global expansion plans, and strengthen its balance sheet.
The first close of the financing round–which ended with $40 million raised–included existing investors Third Point Ventures, RockPort Capital Partners, Madrone Capital Partners, PCG Asset Management, and Applied Ventures, 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, CEO of Enphase. “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.”
“As a company, Enphase has accomplished much more than the commercialization of a breakthrough technology. This is a step change for the solar industry that’s leading to broader adoption,” said Ben Kortlang, partner at KPCB, who will join Enphase’s board. “Enphase gives every solar system better performance and reliability, comprehensive intelligence and advanced communications. These elements allow solar to be a cornerstone of the distributed energy economy.”
Enphase said it has sold more than 300,000 microinverters since the company’s launch in 2008.