AUSTIN, Texas, March 6, 2014 /PRNewswire/ -- SolarBridge Technologies (SolarBridge), the leading provider of microinverters and monitoring technology for TrueACTM solar systems, announced today it has closed a $42 million round of funding led by Constellation Technology Ventures, part of Exelon Corp. (NYSE: EXC), the nation's leading competitive energy provider. The funding will be used to expand sales and marketing and continue the company's focus on research and development as it rapidly scales its customer base across North America and Australia.
In addition to Constellation Technology Ventures, previous investors Shea Ventures, Rho Ventures and Prelude Ventures participated in the financing. Michael Smith, Constellation vice president and head of Constellation Technology Ventures, will join the SolarBridge Board of Directors.
"This round of funding underscores our position as the leader in AC module technology," said Bill Mulligan, president and CEO of SolarBridge. "AC modules are changing the way distributed PV is sold, designed and installed. Quality and reliability are critical differentiators in the microinverter segment, and our performance has established SolarBridge as best-in-class technology for executing a TrueACTM module."
"Residential and small-scale commercial solar have experienced tremendous growth in the U.S. and abroad," said Smith. "SolarBridge's unique technology aligns with our growing distributed generation business. AC solar will be a significant contributor to further reducing the cost of solar and driving continued growth in the market."
About SolarBridge Technologies
SolarBridge Technologies, the leading provider of microinverters and monitoring technology for TrueACTM solar systems, is accelerating the adoption of solar energy in the residential and commercial markets. The SolarBridge TrueAC Module System—featuring the SolarBridge Pantheon microinverter, Power Manager and Power Portal—dramatically increases the efficiency and reliability of PV systems, while reducing the cost of energy. The Pantheon microinverter matches the lifetime of solar modules, enabling module manufacturers to provide a 25-year warranty on AC modules. The company is headquartered in Austin, Texas. For more information, visit www.solarbridgetech.com.
The Constellation family of retail electricity and natural gas suppliers (www.constellation.com) are subsidiaries of Exelon Corp. and are leading competitive retail suppliers of power, natural gas and energy products and services for homes and businesses across the continental United States. Constellation's retail businesses serve more than 100,000 business and public sector customers, including more than two-thirds of the Fortune 100, and nearly 1 million residential customers.
About Exelon Corp.
Exelon Corporation (NYSE: EXC) is the nation's leading competitive energy provider, with 2013 revenues of approximately $24.9 billion. Headquartered in Chicago, Exelon has operations and business activities in 47 states, the District of Columbia and Canada. Exelon is one of the largest competitive U.S. power generators, with more than 35,000 megawatts of owned capacity comprising one of the nation's cleanest and lowest-cost power generation fleets. The company's Constellation business unit provides energy products and services to approximately 100,000 business and public sector customers and approximately 1 million residential customers. Exelon's utilities deliver electricity and natural gas to more than 6.6 million customers in central Maryland (BGE), northern Illinois (ComEd) and southeastern Pennsylvania (PECO).
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SOURCE SolarBridge Technologies