68° M/SUNNY, Petaluma solar company raises $6.5 million
Last Modified: Tuesday, January 29, 2008 at 12:02 p.m.
A Petaluma solar startup announced today that it has raised $6.5 million in venture capital to help it roll out technology aimed at making solar panels more efficient and easier to manage.
Enphase Energy, a 2-year-old company with 24 employees, said it had received the Series B funding led by Third Point Ventures, an arm of New York-based Hedge Fund Third Point LLC.
The company’s solar energy management system is still being tested and is expected to be available by the second quarter of 2008.
Its technology is based on micro-inverters, devices that convert direct current generated by solar panels to the alternating current needed for use in homes and businesses.
Most residential systems today use a single inverter for the entire solar installation, but Enphase believes smaller inverters are the wave of the future.
“Enphase Energy marks the beginning of an industry-wide technology shift to micro-inverter systems and represents the next-generation of solar energy management,” Paul Nahi, the company’s chief executive officer, said in a statement.
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