Other participants included existing investors Opus Capital, Genesis Partners, Walden Israel, ORR Partners, Vertex Venture Capital and Singapore-based JP Asia Capital.
Israel’s online business daily Globes reported that SolarEdge CEO Guy Sella said the company will use the funds to accelerate growth, intensify local sales and support activities in major markets. According to Sella, “The funding will enable us to multiply our production capacity without compromising on quality and reliability.”
The SolarEdge PV (Photovoltaic) power harvesting solution allows production of up to 25 percent more energy from PV installations and, the company claims, a faster return on investment.
Lightspeed partner Yoni Cheifetz said, “Our investment in SolarEdge reflects our confidence in the company’s leading market position and growth prospects. SolarEdge has pioneered a transformation in the solar industry.”