September 9, 2008

Petaluma, CA, USA: Enphase Energy Raises $15 Million

Enphase Energy, Inc., a developer and manufacturer of solar micro-inverter systems, has raised $15 million in new funding to expand manufacturing of its groundbreaking products.

New investor RockPort Capital Partners led the round, and existing institutional investors Third Point Ventures and Applied Ventures, LLC, the venture capital arm of Applied Materials, Inc., also participated.

“We are excited to join the Enphase team,” said Todd Wilson, General Partner at RockPort Capital Partners, who will join the Enphase Energy board of directors. “The company’s products are industry-defining and Enphase has proven management, a soaring market, and an excellent value proposition. We are committed to helping Enphase reach the next levels of success.”

“With thousands of units in the field and increasing demand, customer acceptance of Enphase Micro-inverters has exceeded expectations,” said Paul Nahi, President and CEO of Enphase Energy. “Customers see the considerable economic benefits of the Enphase Micro-inverter Systems—increased energy production, higher reliability and reduced operational costs. This additional investment will enable us to respond to the accelerating demand for our products.”

“Enphase has done an excellent job at each step of the company’s growth,” said Robert Schwartz, Managing Partner at Third Point Ventures. “They have built an exceptional team, developed a game-changing solution, and brought it to market right on time. We are very optimistic about the future of the company and pleased to continue our support."

Further details about: Enphase Energy