PETALUMA -- Enphase Energy, maker of solar microinverter systems, announced today that it closed a round of $40 million in investor funding.
Bay Partners led the round, with participation from Horizon Technology Finance, Bridge Bank and former investors Third Point ventures, RockPort Capital Partners, Madrone Capital Partners and Applied Ventures LLC.
In May of 2009, the company raised $22.5 million, bringing total investment capital to date to $83 million.
One-hundred-employee Enphase was the first to market with a system that includes high-efficiency microinverters, communications and Web-based analytics to maximize energy harvest and simplify design, installation and management of solar projects. The systems increase energy harvest by 5 to 25 percent and reduce labor costs by about 15 percent.
The company has already shipped 250,000 of the systems during the past year and a half, according to Enphase co-founder and Vice President of Marketing Raghu Belur.
"We intend to ship many times that number with this new funding," he said.
Enphase and its manufacturer Flextronics have just set up a new manufacturing operation in Ontario, Canada, to serve the Canadian market.
The company is hiring rapidly, giving preference to the local talent pool, said Mr. Belur. "We are expanding our headquarters constantly."