SolarBridge Technologies, an Austin, Texas-based provider of microinverters and monitoring technology for TrueAC solar systems, raised $42m in funding.
The round was led by Constellation Technology Ventures (part of Exelon Corp. (NYSE: EXC)), with participation from Shea Ventures, Rho Ventures and Prelude Ventures. In conjunction with the funding, Michael Smith of Constellation Technology Ventures joined SolarBridge’s board of directors.
The company intends to use the funds for sales and marketing and research and development to scale its customer base across North America and Australia.
Led by Bill Mulligan, president and CEO, SolarBridge Technologies provides microinverters and monitoring technology for TrueACTM solar systems in the residential and commercial markets. Its TrueAC Module System, which features a microinverter, a power manager and power portal, aims to increase the efficiency and reliability of PV systems, while reducing the cost of energy.