Enphase gets investment from 2 Silicon Valley entrepreneurs
Jan 11, 2017 10:46 CET
January 11 – Petaluma, California-headquartered microinverter maker Enphase Energy Inc (NASDAQ:ENPH) on Tuesday announced a USD-10-million (EUR 9.5m) strategic investment from T J Rodgers and John Doerr.
Rodgers, who is founder and former chief executive of San Jose, California-based Cypress Semiconductor Corp (NASDAQ:CY), will be appointed to Enphase’s board of directors as part of the investment. Doerr is chairman of Silicon Valley venture capital firm Kleiner Perkins Caulfield & Byers.
Enphase said it expects to use part of the funds for consulting services to optimise operating performance, while supporting global demand for its energy management systems.
The company issued shares of its common stock to the investors in a private placement. Last month, the microinverter maker said it had signed an agreement with FBR Capital Markets & Co to serve as sales agent in an “at the market offering” of up to USD 17 million in common stock.
In September 2016, Enphase announced it would axe about 11% of its global workforce and eliminate some non-core projects as it aims to reduce annual operating expenses. Its net loss deepened to USD 54.3 million in the first nine months of 2016 from USD 6.3 million a year back, and revenues declined to USD 232 million from USD 291.6 million.
(USD 1.0 = EUR 0.949)
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