Solar Edge raises $8 Million from the Silicon Valley Bank

SolarEdge Technologies, the developer of photovoltaic power optimization, has recently managed to raise the amount of $8 Million as a credit line from the Silicon Valley Bank. This amount is destined for the financing of the company’s need for working capital requirements and of the company’s growth initiatives which are to become effective in the short and mid-term.

This founding round has been preceded by another one which has brought the company the amount of $60 million from Genesis Partners, Vertex Venture Capital, Walden Israel, Lightspeed Ventures and other venture capital funds from Israeli and from other foreign countries.

The Chairman and CEO of the SolarEdge Company, Guy Sella, declared in an interview for the Globes, that the company he is running brings tens of million dollars income from its annual sales. He has also declared the fact that the new credit line established recently has the ability of providing the chance of continuing the company’s growth at this rapid pace. He announced that his predictions point out to a sales figure for the year 2012 which is to indicate a figure near $200 Million. He added the following: “Nothing has happened to make me think that we won’t meet this target.”

The technology provided by SolarEdge monitors PV cells in order to maximize their receptors and to optimize their energy yield. It is important to know the fact that the previous 18 months have been very fulfilling for the company as SolarEdge has managed in this period of time to expand its products offering. They have launched a commercial production line at the Flextronics Israel Ltd. plant in Migdal Ha’Emek. As well, the company managed to consolidate its position on the international logistics and other market networks around the globe. This has helped the stuff at SolarEdge to sign cooperation agreements with PV receptor manufactures, installations and distributors which are spread all over the world.

The company’s intention is that of finding suitable renewable energy solutions for the future. David Cohen, the SVB Israel Advisors Ltd., the general manager, declared the following: “SolarEdge is a fast growing company with ambitious plans for the future. Not only is the business run by an impressive management team with whom SVB Israel has built a great partnership, but it is also backed by a top tier venture capital syndicate that we are fully aligned with. Together, SolarEdge and its investors have done an exceptional job building this business into a well-positioned company.” The company is presenting thus the way in which the path towards the future of electricity is to be achieved in a society which is more and more concerned about the negative evolution of the petrol market.