Israeli cleantech company SolarEdge has raised $23 million in a second round of funding to continue developing technology that could significantly increase the output of solar energy installations. The round — which included Vertex Venture Capital, Walden International, Opus Capital and Genesis Partners — remains open, but no target has been disclosed.
SolarEdge itself is still in stealth mode. What little information there is available indicates that it’s working to combine hardware and software to maximize energy converters. There are several companies competing to make solar systems more efficient — VentureWire cites 1366 Technologies and Enphase Energy as examples.
The company previously raised $11.8 million in its first round of investment.