Tuesday, 30 August 2016
Last updated 1 hour ago
Oct 20 2009 | 1:55pm ET
GE has joined a $23 million funding round by the Israeli solar company SolarEdge, a producer of technologies that can increase solar power system outputs by up to 25%.
GE made the investment, its first in Israel, through its Energy Financial Services unit. Other SolarEdge investors include venture capital firms Opus Capital and Walden International, the Israeli funds Genesis Partners and Vertex Venture Capital and the Singaporean fund JP Capital Asia.
The money will be used to support growth in residential and large-scale photovoltaic (PV) sites.
“We will use this financing to further promote our solar power harvesting system, which can be embedded in practically all types of solar photovoltaic panels to maximize power generation while dramatically reducing costs,” said Guy Sella, chairman, CEO and co-founder of SolarEdge, in a statement. “By partnering with GE, we benefit from the company’s proven R&D capabilities, energy technology expertise and deep commercial market reach.”
SolarEdge provides PV power harvesting and monitoring technology to maximize the energy output and cost efficiency of solar PV units. The company partners with firms like BP Solar and Schott Solar, Isofoton, HaWi Energitechnik, Gehrlicher solar and many others to embed its technology into photovoltaic panels to increase their power output by up to 25% and provide superior monitoring and control, without increasing costs.