SolarBridge Technologies has closed a $42 million round of funding to expand sales and marketing, as well as to continue the company’s focus on research and development as it rapidly scales its customer base. The company believes AC solar will be a significant contributor to further reducing the cost of solar and driving growth in the market.
SolarBridge Technologies, provider of microinverters and monitoring technology for TrueACTM solar systems, is looking to expand. The company has closed a $42 million round of funding to expand sales and marketing, as well as to continue the company’s focus on research and development as it rapidly scales its customer base across North America and Australia.
The funding was led by Constellation Technology Ventures, part of Exelon Corp. (NYSE: EXC), a competitive energy provider. Others participating in the funding were previous investors Shea Ventures, Rho Ventures, and Prelude Ventures. Michael Smith, Constellation vice president and head of Constellation Technology Ventures, will join the SolarBridge Board of Directors.
“This round of funding underscores our position as the leader in AC module technology,” said Bill Mulligan, president and CEO of SolarBridge. “AC modules are changing the way distributed PV is sold, designed and installed. Quality and reliability are critical differentiators in the microinverter segment, and our performance has established SolarBridge as best-in-class technology for executing a TrueAC module.”
“Residential and small-scale commercial solar have experienced tremendous growth in the U.S. and abroad,” said Smith. “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.”
Smith is not the only one to see a trend toward AC solar. AC modules offer a number of advantages, such as scalability, reliability, and durability. They can also provide solutions for partially shaded roofs. And they are faster to install, which is becoming all the more important at a time when the industry is looking at ways to reduce soft costs.