Enphase secures USD$63 million in funding

It has just announced the second close of a USD$63 million financing round with participation from Kleiner Perkins Caufield & Byers, PCG Asset Management and other "strategic" investors.

Enphase CEO Paul Nahi explained: "We were very over-subscribed this round and were in the fortunate position of being able to choose the best investor."

The firm, with the help of its manufacturing partner, Flextronics, has managed to ship more than 300,000 microinverters since beginning shipments around two years ago.

It has also recently announced a microinverter design specifically for the Ontario, Canada market that, it says, will fulfill Ontario’s Domestic Content requirement, thus allowing installers to participate in the Ontario Feed-In Tariff (FiT) program. The Canadian production line will have a capacity of 100 megawatts (500,000 microinverters) in the first year: plans are to double this to one million microinverters in 2011.

According to KP partner Ben Kortlang: "Enphase is quickly gaining market share because they offer the only proven, reliable product on the market, and they have a strong balance sheet that allows them to stand behind their customers and their warranties." He concluded: "Enphase will lead the industry’s transition from traditional central inverters to microinverters."

In the future, the firm has suggested that it wants to move into the home energy management market.