Photovoltaic power optimization developer SolarEdge Technologies has obtained an $8 million credit line from Silicon Valley Bank to finance the company's working capital requirements and other near-term growth initiatives.
SolarEdge chairman and CEO Guy Sella told "Globes" that the company has reached tens of millions of dollars in annual sales, and that the new credit line would enable it to continue its rapid growth. He predicts that the company will reach $200 million in sales in 2012. "Nothing has happened to make me think that we won't meet this target," he said.
SolarEdge's technology monitors PV cells to maximize their receptors and optimize their energy yield. Over the past 18 months, the company has expanded its products offering, launched a commercial production line at the Flextronics Israel Ltd. plant in Migdal Ha'Emek, consolidated its international logistics and marketing networks, and signed cooperation agreements with PV receptor manufactures, installations, and distributors around the world.
SVB Israel Advisors Ltd. general manager David Cohen said, “SolarEdge is a fast growing company with ambitious plans for the future. Not only is the business run by an impressive management team with whom SVB Israel has built a great partnership, but it is also backed by a top tier venture capital syndicate that we are fully aligned with. Together, SolarEdge and its investors have done an exceptional job building this business into a well-positioned company."
SolarEdge has raised $60 million to date from Genesis Partners, Vertex Venture Capital, Walden Israel, Lightspeed Ventures, and other Israeli and foreign venture capital funds.
Published by Globes [online], Israel business news - www.globes-online.com - on July 19, 2011
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