Sunfolding, a producer of single-axis tracker programs, has closed a $32 million Series B progress funding spherical. G2VP and Macquarie Capital be part of the buyers backing the following stage of progress for Sunfolding.
Sunfolding will use this funding spherical to broaden operations and assist a quickly rising pipeline of tasks. Specifically, the corporate will broaden its U.S.-based manufacturing and meeting footprint and enhance quantity buying power with suppliers, together with distributors within the automotive trade. The further funds may even assist the expansion of Sunfolding’s workforce to execute on extra large-scale solar tasks concurrently.
“We invested in Sunfolding because their unique technology delivers a step-function improvement in the economics of utility-scale solar projects,” feedback Ben Kortlang, basic associate 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.”
Founded in 2012 and headquartered in San Francisco, Sunfolding operates within the U.S. and Australia. The firm touts its “much simpler” solar trackers, together with the flagship product, the Sunfolding T29 single-axis tracker. The T29 options motor-free tracker rows and 95% fewer upkeep places, the corporate says.
“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,” provides Jurgen Krehnke, CEO of 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.”