Herzliya, Israel-based SolarEdge, a provider of PV power, announced that it has raised US$23m in funding to support growth in residential and large-scale photovoltaic sites.
GE Energy Financial Services, a unit of NYSE-quoted GE joined the round along with other investors Opus Capital, Walden International, Genesis Partners, Vertex Venture Capital and JP Capital Asia.
The details of each investor’s contribution to the equity financing were not disclosed.
According to Guy Sella, Chairman, CEO and Co-Founder of SolarEdge, the company will use this financing to further promote its solar power harvesting system, “which can be embedded in practically all types of solar photovoltaic panels to maximize power generation while dramatically reducing costs”.
“By partnering with GE, we benefit from the company’s proven R&D capabilities, energy technology expertise and deep commercial market reach”, he said.