July 15, 2009

Westford, MA, USA: AC Module Startup GreenRay Raises Series A Financing

GreenRay Inc., a Massachusetts-based startup, today announced that it completed its Series A financing round. The round was led by the Quercus Trust of Newport Beach, California. New York-based 21Ventures co-invested.

The $2 million investment enables GreenRay to rapidly move ahead with manufacturing, distribution channel development, and commercial launch. GreenRay’s solar innovation significantly reduces the cost of generating renewable solar energy by simplifying system design and installation. At the heart of GreenRay’s AC Solar Module is a highly reliable patented micro-inverter paired with energy monitoring.

“PV systems today are too complex and inverters too unreliable. For more than 15 years I have seen the path to simplify PV for consumers and that’s why we set out to leapfrog today’s approach and create a true modular AC system,” stated Miles C. Russell, CEO of GreenRay. “I am excited to have the support of 21 Ventures and the Quercus Trust, who are enabling us to transform the very nature of PV systems.”

"Despite solar’s rapid growth over these last few years, we are still far away from the cost structure needed to make solar a significant percentage of energy generation. We believe that there is a huge opportunity to bring down the costs of solar on the balance of systems side and that GreenRay has found a way to do that," said David Anthony, Managing Partner at 21Ventures. “At 21Ventures, we see this as a disruptive technology that will move the solar industry into the mass do-it-yourself solar market."

GreenRay was founded in 2006 by a team of former Schott Solar employees. Since then, GreenRay has received over $3.5 million in government-sponsored funding to demonstrate its AC Module concept, including grants from the Department of Energy and a SEED investment from the Massachusetts Renewable Energy Trust.

“The successes of Massachusetts clean technology companies are successes for the Commonwealth as a whole, as Governor Patrick steers the Bay State toward a clean energy future,” Massachusetts Energy and Environmental Affairs Secretary Ian Bowles said. “Today’s announcement reflects the continued growth and vibrancy of the state’s already burgeoning solar technology sector."

Further details about: GreenRay Inc