Sunfolding, a San Francisco, CA-based producer of single-axis tracker systems, closed a $32m Series B growth funding round.
Backers included G2VP and Macquarie Capital.
The company intends to use the funds to expand operations, its U.S.-based manufacturing and assembly footprint and increase volume purchasing power with suppliers, including vendors in the automotive industry.
Founded in 2012 and led by Jurgen Krehnke, chief executive officer, Sunfolding designs and manufactures solar trackers. Its flagship product, the T29 Single-Axis Tracker, features simplified components to make solar power plants easy to install and smart to operate, with motor-free tracker rows.
The company currently operates in the United States and Australia.