Optivolt, a California company that makes adaptive, intelligent solar modules, announced a recent raise of $32 million in series A funding bringing the company’s total capital raise to $42 million.
Nine years ago Optivolt assembled a team experienced with designing power systems for satellites to work on the problem of heat, created by putting active power electronics inside a solar module. The result is Power Balancer, which embeds active power electronics directly into the solar module and, according to Optivolt, operates as 99.4% conversion efficiency by managing energy among cell groups to recover power lost to shade, dirt, weather and degradation. Optivolt reports that modules incorporating the technology produced up to six times as much power as panels using bolted-on optimizers under defined shade scenarios.
A chart on Optivolt’s website compares the output of solar modules under different soiling or shading conditions using Optivolt’s technology versus microinverters.
“For nine years, we’ve rebuilt the solar panel from first principles, embedding aerospace-grade power electronics so it can respond to Earth as it actually is, not the ideal conditions of a lab,” said Rohit Kalyanpur, founder and CEO of Optivolt.
Optivolt holds 19 patents and has 27 patent applications pending. Furthermore, its integrated junction-box enclosure, panel-integrated electronics, rapid-shutdown system and solar-module safety have earned UL certification according to the company.
With more than 20,000 modules already shipped, the company says it intends to use the new financing to expand manufacturing and bring the technology to all sectors of the market. In September Optivolt reported on Linkedin that Citadel Roofing & Solar saw its first Optivolt residential installation become operational.
The recent Series A funding round was led by VXI Capital. Optivolt reports it also received backing from founding Enphase CEO Paul Nahi, former SunPower CEO Tom Werner and former New York energy czar Richard Kauffman.
“At Enphase, we transformed rooftop solar by managing power at the output of each panel. Today, rising panel power, the widespread adoption of storage, and the urgent need to reduce costs demand a new approach,” said Nahi. “Optivolt is bringing a new class of power electronics inside the panel itself to unlock the next leap in performance and economics. I helped build the last generation of solar power electronics. At Optivolt we are building the next.”
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