Sunfolding, a US-based solar tracker producer backed by consulting firm R/GA, completed a $32m series B round on Tuesday featuring Macquarie Capital, a subsidiary of financial services firm Macquarie.
Macquarie, which also oversees renewable energy infrastructure financier Green Investment Group, was joined by venture capital firm G2VP and undisclosed additional investors.
Founded in 2012, Sunfolding designs, manufactures and markets components for use in solar power projects.
The company’s main product is a single-axis solar tracker – the module responsible for orientating solar panels towards the sun – that relies on pneumatic engineering to offer simplified installation and reduced costs compared with incumbent alternatives.
The series B proceeds will support recruitment and help Sunfolding extend operations to support existing and new solar projects, build out its manufacturing capacity and ramp up its purchasing capacity with suppliers.
Sunfolding chief executive Jurgen Krehnke said: “Inquiries and orders from customers have increased rapidly over the past year and this capital infusion will serve to further expand manufacturing and execution capacity so we can stay ahead of the demand.
“The positive response to Sunfolding’s solution from developers, engineering, procurement and construction firms, and banks has made this growth possible and we look forward to delivering on over a gigawatt of projects in our pipeline.”
The company received a six-figure dollar amount in June 2018 when it joined Macquarie Capital Venture Studio, a company builder initiative backed by Macquarie and R/GA Ventures, R/GA’s corporate venturing arm, according to VentureBeat. Its other early investors include Castor Ventures and Y Combinator.