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