General Electric (GE) is investing in Israel’s solar technology company SolarEdge, according to reports on ABC News. SolarEdge allows photovoltaic panels, which convert sunlight into power, to operate up to 25 percent more efficiently.
The investment in the Israeli company is part of GE’s strategy to focus on creating energy efficiency ventures. GE is the largest US conglomerate and its Energy Financial Services arm, which made the investment, is one of a few others investors in the $23 million round of series B financing for SolarEdge, reported on previously by ISRAEL21c. SolarEdge had raised $34.8 million in venture capital before this latest round.
“GE’s SolarEdge investment was part of a $23 million round that the three-year-old Herzliya, Israel-based startup plans to use to grow its business in residential and large-scale projects. Other investors, who hail from the United States, Israel and Singapore, include Opus Capital, Walden International, Genesis Partners, Vertex Venture Capital and JP Capital Asia,” writes the Earth2Tech website.