There had been rumors about it earlier this weeks on Globes, Israel’s financial newspaper. But the story was took down, I guess because of a leak before the deal was sealed.
Now General Electric (GE) has unveiled its good news finally, according to ABC News, that it is investing in the Israeli solar technology company SolarEdge. The company allows photovoltaic panels, which convert sunlight into power, to operate up to 25% more efficiently.
The announcement was made officially today, as part of GE’s strategy to focus on creating energy efficiency ventures. GE is the largest U.S. conglomerate (remember the old ad: GE – Your Bring Good Things To Life) and its Energy Financial Services arm, which made the investment is one of a few others investors in the $23 million round of series B financing for SolarEdge.
According to Earth2Tech:
“GE’s SolarEdge investment was part of a $23 million round that the 3-year-old Herzliya, Israel-based startup plans to use to grow its business in residential and large-scale projects. Other investors, who hail from the United States, Israel and Singapore, include Opus Capital, Walden International, Genesis Partners, Vertex Venture Capital and JP Capital Asia. SolarEdge had raised $34.8 million in venture capital before this latest round.”
Guess SolarEdge will be hiring!
Now the world’s largest maker of electricity-producing turbines, also financed the US clean tech company Tendril, which allows electricity consumers to communicate with utility companies. This tech known as “smart grid” can let customers know peak hours of power usage to run dishwashers and other non-essentials when the power needs are low.