PETALUMA -- Solar microinverter systems maker Enphase Energy closed another round of venture funding, bringing in $63 million from new and former investors.
The Petaluma company has now raised a total of $146 million since it was founded in 2008. The new round includes Kleiner Perkins Caulfield & Byers, Third Point Ventures, RockPort Capital Partners, Madrone Capital Partners, PCG Asset Management and Applied Ventures LLC as well as new investor Bay Partners.
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 closed a round of $40 million in March of this year.
The funds will enable Enphase to accelerate product development, launch global expansion plans and strengthen its balance sheet.
"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, Enphase CEO.
