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Massachusetts-based solar startup GreenRay Inc. has completed a Series A financing round worth $2 million led by the Quercus Trust of Newport Beach, California, with New York-based 21Ventures as co-investor.
GreenRay
said it would use the money to ramp up manufacturing, distribution
channel development and commercial launch of its modular AC solar
technology.
GreenRay’s technology significantly reduces the cost of generating renewable solar energy, thanks to a highly reliable patented micro-inverter paired with energy monitoring.
“PV systems today are too complex and inverters too unreliable,” said Miles C. Russell, GreenRay CEO, in a statement. “For more than 15 years I have seen the path to simplify PV for consumers and that’s why we set out to leapfrog today’s approach and create a true modular AC system.”
David Anthony, a managing partner at 21 Ventures, said his company believes GreenRay has found a way to bring the costs of solar down to the point where solar energy could account for a significant percentage of energy generation. “At 21Ventures,” said Anthony in a statement, “we see this as a disruptive technology that will move the solar industry into the mass do-it-yourself solar market."
GreenRay was founded in 2006 by a team of former Schott Solar employees. Since then, the company has received over $3.5 million in government-sponsored funding to demonstrate its AC Module concept, including grants from the Department of Energy and a SEED investment from the Massachusetts Renewable Energy Trust.
