PV optimization co SolarEdge raises $37m

The fourth round investors include Norwest Venture Partners, Genesis Partners, Vertex, General Electric, and Walden International.

SolarEdge Technologies Ltd. has raised $37 million in its fourth financing round, a year after raising $25 million. Norwest Venture Partners (NVP) led the round, joined by Genesis Partners, Vertex Venture Capital, Lightspeed Ventures, General Electric (NYSE: GE), Opus Capital, and Walden International.

SolarEdge develops and manufactures distributed solar power harvesting and photovoltaic monitoring systems. The company has raised $96 million, including in the current round, since it was founded in 2006.

SolarEdge VP product strategy Lior Handelsman told "Globes" that the company would use the proceeds to consolidate its market position and expand its production and sales operations.

SolarEdge operates in 30 countries, but most of its production is in Israel by a Migdal Ha'Emek contractor with 200 employees. There is also a small production line in Canada.

Handelsman added, "The company has tripled its sales in the past year to tens of millions of dollars. We're pleased by our sales growth, and especially by the fact that panel optimization is considered a growing field. Analysts believe that it will reach billions of dollars a year within a few years. SolarEdge spotted the trend a long time ago, and basically invented it. The latest financing will enable us to speed up our global deployment and strengthen the company's wherewithal."

Published by Globes [online], Israel business news - www.globes-online.com - on October 24, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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