Solar installation company SunPower acquired US-based solar microinverter company SolarBridge Technologies yesterday for an undisclosed price, providing an exit to backers including energy company Exelon and home builder JF Shea.
SolarBridge provides microinverter technology for use in rooftop solar modules, enabling them to be directly installed and eliminating the need for additional components.
Tom Werner, SunPower’s chief executive, said: “SunPower’s acquisition of SolarBridge and its high performance microinverter technology will allow us to develop a differentiated product specifically optimised for our high efficiency solar panels.
“This is the beginning of integrating electronics into our world-class solar panel technology. In this case, the combined result will provide our residential customers with an elegant, reliable and complete solution that fits their home specifications, including system design flexibility, ease of installation and maintenance and improved overall aesthetics.”
SolarBridge had raised approximately $104m from its four previous rounds, in addition to an undisclosed amount of seed funding provided by venture capital firm Battery Ventures in 2007 when SolarBridge was still known as SmartSpark Energy Systems.
Constellation Technology Ventures, which acts as Exelon’s corporate venturing arm, and Shea Ventures, which does the same for JF Shea, both contributed to SolarBridge’s last round of funding, a $44.6m series E round raised in March.
Other exiting investors include VC firm Rho Capital Partners, the Texas state-backed Texas Emerging Technology Fund and technology transfer fund Osage University Partners.