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SAN FRANCISCO, Oct. 22, 2019 (GLOBE NEWSWIRE) -- Sunfolding, the fastest-growing producer of innovative single-axis tracker systems, today announced that it has closed a $32 million Series B growth funding round. G2VP and Macquarie Capital join the investors backing the next stage of growth for Sunfolding.
Sunfolding will use the funds from this investment round to expand operations and support a rapidly growing pipeline and a strong portfolio of projects. The Company will expand its US-based manufacturing and assembly footprint and increase volume purchasing power with suppliers, including vendors in the automotive industry. The additional funds will also support the growth of Sunfolding’s team to execute on more large-scale solar projects concurrently.
“We invested in Sunfolding because their unique technology delivers a step-function improvement in the economics of utility-scale solar projects,” said Ben Kortlang, General Partner at G2VP. “Sunfolding brings a novel combination of proven technologies to an industry that is ready for disruption; we are excited to invest as the company is realizing impressive commercial traction.”
“Macquarie Capital first met the company through the Macquarie Capital Venture Studio program where we were intrigued by Sunfolding’s trackers that are easier to install and smarter once deployed,” said Stephan Feilhauer, senior vice president at Macquarie Capital, the corporate advisory, capital markets and principal investment arm of Macquarie Group. “We invested in this round to help Sunfolding drive down the cost of utility-scale solar for developers and long-term asset owners and expand its customer list to include some of the biggest and most productive companies working on the future of solar infrastructure.”
“Inquiries and orders from customers have increased rapidly over the past year, and this capital infusion will serve to further expand manufacturing and execution capacity so we can stay ahead of the demand,” said Jurgen Krehnke, chief executive officer at Sunfolding. “The positive response to Sunfolding’s solution from developers, EPCs, and banks has made this growth possible, and we look forward to delivering on over a gigawatt of projects in our pipeline.”
Sunfolding designs and manufactures much simpler solar trackers that fuel the future of smart solar and move our world forward. Sunfolding’s flagship product, the Sunfolding T29™ Single-Axis Tracker, features seriously simplified components. The Sunfolding T29 makes solar power plants easy to install and smarter to operate, with motor-free tracker rows and 95% fewer maintenance locations.
Founded in 2012 and headquartered in San Francisco, Sunfolding operates in the United States and Australia. For more information, visit sunfolding.com, subscribe to our newsletter, or download the Sunfolding press kit.
Gwen Rose, VP Marketing
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe682236-a82a-4bab-a8f3-01d686eb1bcc