SOLAREDGE CLOSES $37 MILLION TO SUPPORT CONTINUED GROWTH
HOD HASHARON, Israel, Oct 24, 2011 - SolarEdge Technologies Inc., a leading provider of end-to-end solar power optimization and PV monitoring solutions, announced today that it has closed a $37 million round of funding led by Norwest Venture Partners (NVP). The funding will enable the company to accelerate its global expansion and production plans as well as strengthen its balance sheet. SolarEdge has experienced major growth in the last two years and has become a globally recognized brand in solar power harvesting and PV monitoring solutions. This funding will allow the company to further enhance its leadership within the solar power optimization industry.
Existing investors - Opus Capital, Walden International, Genesis Partners, Vertex Venture Capital, Lightspeed Venture Partners and GE also participated in this round. GE, having realized the importance of the power optimization segment and the growth potential of SolarEdge, has decided to expand its investment in the company through its GE Capital, Equity business. Dror Nahumi, partner at NVP, will join the company’s board of directors.
“SolarEdge has successfully created and is leading the module-level power optimization market segment,” said Guy Sella, chief executive officer of SolarEdge. “Norwest Venture Partners has a long and strong track record in funding successful companies, and the firm has leveraged its size, global presence and heritage to offer these companies high-level, long-term assistance. We are honored to join this club.”
“The SolarEdge team’s management experience and strong technical background have helped establish the company as a clear leader in the fast-growing panel optimization and safety market. SolarEdge is poised for tremendous growth as more customers and business partners realize the benefits provided by the technology,” said Dror Nahumi, NVP. “Today’s funding round will be used to capitalize on this potential, fuel the company’s growth worldwide and establish SolarEdge products and technology as a quality standard for reliable and efficient solar energy systems.”
Kevin Skillern, a managing director and leader of Venture Capital at GE Energy Financial Services, commented: “The solar industry is transitioning toward advanced power harvesting solutions. We see SolarEdge as the clear market leader in this high-growth segment given its compelling advantages over existing approaches."
SolarEdge Technologies, Inc. provides end-to-end distributed solar power harvesting and PV monitoring solutions, allowing maximum energy production for a faster return on investment. SolarEdge power optimizers perform MPPT per individual panel while monitoring performance of each panel and communicating across existing power lines. Moreover, a fixed DC string voltage is maintained, allowing optimal efficiency of the SolarEdge PV inverter, which is tailor made to work with power optimizers. As a result, the SolarEdge system provides optimal power, while enabling flexible design and optimal roof utilization. Module-level and whole-system visibility enhance monitoring and maintenance capabilities and the unique SafeDC™ mechanism shuts down module voltage during installation, maintenance and firefighting for greater safety. SolarEdge is online at www.solaredge.com
About Norwest Venture Partners
Norwest Venture Partners (NVP) is a global venture capital firm that manages more than $3.7 billion in capital. Headquartered in Palo Alto, California, NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. NVP makes early to late stage venture and growth equity investments in U.S. and global companies across a wide range of sectors including: information technology, healthcare, business services, financial services, infrastructure, technology enabled services and consumer. NVP has actively partnered with entrepreneurs to build great businesses for more than 50 years and has funded nearly 500 companies since inception. For more information visit www.nvp.com