Solar panel micro-inverter manufacturer SolarBridge Technologies announced today that it has raised $19 million in its third round of funding.
Solar panel micro-inverters transform a direct current generated by the photovoltaic cell on the panel into an alternating current. The alternating current is fed into a power grid, which can’t accept a direct current. Micro-inverters are built into a single solar panel rather than an array of solar panels. As a result, the total electrical output of a solar array does not suffer when a single solar panel is damaged or in the shade.
The micro-inverters last around 25 years, compared to centralized power inverters that usually last around a decade. SolarBridge also includes a 25-year warranty on its micro-inverters.
SolarBridge will use the new funding to increase production capacity of its micro-inverter producing plants and increase the size of the company’s research and development teams, the company said.
The Austin, Tex.-based company was founded in 2004. The company was supposed to be profitable after its last round of funding closed in 2010, according to Greentech Media’s interview with CEO Ron Van Dell. The company has 75 employees.
The micro-inverter manufacturer previously raised about $12 million in October 2007 and $15 million in its most recent round closed in April last year. The most recent round was led by Rho Ventures existing backer Battery Ventures. The company has raised a total of $46 million.