Photovoltaics distributor SolarPower raises $1.1M

Distributor and installer SolarPower Israel is betting on new regulations in Israel to boost investment into solar photovoltaics, in turn driving strong growth in their own business.

Under the local energy laws, the government will soon buy back electricity generated from solar panels installed on homes and businesses at a much higher rate than it has purchased from the utility.

Even without the new regulation, the company has been growing about 20 to 30 percent a year, according to Globes, which also reported the funding. The $1.1 million was provided by Precede Technologies and Rosenram Development.

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