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GE Energy Financial Services joins US$23m funding round for solar PV

SolarEdge, a solar PV company based in Israel says the GE Energy Financial Services division of General Electric has joined a US$23 million funding round to support growth in residential and large-scale solar photovoltaic (PV) sites.

SolarEdge says GE Energy Financial Services has joined other investors, which include Opus Capital and Walden International of the USA, Genesis Partners and Vertex Venture Capital of Israel, and JP Capital Asia of Singapore. Details of each investor’s contribution to the equity financing were not disclosed.

The funding is GE Energy Financial Services’ first investment in Israel and was announced at GE’s research and technology development centre in Niskayuna, New York, during a media forum on clean tech venture capital investing.

SolarEdge claims its technology increases solar power systems’ output by up to 25%. SolarEdge works with partners such as BP Solar and Schott Solar, Isofoton, HaWi Energitechnik, Gehrlicher solar and others to embed its technology into solar PV panels to increase their power output and provide monitoring and control.

“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 maximise power generation while dramatically reducing costs,” explains Guy Sella of SolarEdge. “By partnering with GE, we benefit from the company’s proven R&D capabilities, energy technology expertise and deep commercial market reach.”

“Our investment in SolarEdge reflects our confidence in the company’s ability to thrive in the growing global solar industry,” says Alex Urquhart of GE Energy Financial Services. “SolarEdge is a smart company, with smart technology that fits well with GE’s ecomagination program to help customers meet their environmental challenges.”

SolarEdge is based in Herzliya, Israel; GE Energy Financial Services has offices in Boston, Stamford (CT), San Francisco and Munich, Germany.

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