Sustainable Energy catches $7.6M for solar inverters
Sustainable Energy Technologies, provider of solar inverters, has brought in $7.6 million in private placement capital to take its newest product to market in Europe and North America. Based in Calgary, Canada, the company says this new model, called the SUNERGY II, converts sunlight to grid-ready electricity much more efficiently than other inverters used with parallel solar arrays.
Doughty Hanson led the recent round of funding with $4.5 million and will have the option to add $1.5 million more in the next six months depending on Sustainable’s performance. On top of this, the company says it expects to raise $1.3 million more by the end of this week. None of the other investors were disclosed.
Next Story: Tour college campuses on the web with Unigo
Previous Story: PlexPress raises $2.8M to enhance gene expression
About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
With GreenBeat 2009, VentureBeat's all-star conference on all things Smart Grid, coming up in November, Camille will be expanding coverage of this exciting space. Stay up to date by following @greenbeat2009 on Twitter or by becoming a fan of the event on Facebook here.