Venture Capital News: Ampt Receives $25M
FORT COLLINS, CO, Ampt LLC, a leader in power conversion technology for solar power plant optimization, today announced $20 million in Series C funding and $5 million in working capital to support continued growth.
The funding will be used to expand production and accelerate global sales and partnership activities, as well as to support ongoing product innovation.
The funding round was led by Bohemian Investments - a prominent investment firm named 2014 Investor of the Year by the Colorado Cleantech Industries Association. Existing strategic investor and co-founder of Ampt, Doug Schatz, also participated in the round through the Schatz Family Trust.
Ampt's flagship product is a String DC Optimizer used in commercial and utility-scale photovoltaic (PV) systems. Ampt optimized systems are distinguished from other solutions by uniquely delivering a true spend-less-get-more value proposition. Ampt optimizers lower the day-one cost of PV systems while increasing performance.
'Ampt is in one of the fastest-growing categories in solar,' said Joseph Zimlich, CEO at Bohemian Investments. 'Their differentiated products, strong intellectual property and deep global partnerships are driving Ampt's growth, and we are pleased to support their long-term success.'
'Our customers are under increasing pressure to lower costs, and Ampt's technology unlocks significant savings in even the most competitive solar markets,' said Levent Gun, CEO at Ampt. 'This round of funding will accelerate our business to meet that opportunity globally. We are delighted to have Bohemian Investments alongside our founding investors to help fuel that expansion.'
Ampt String Optimizers feature Ampt's patented String Stretch and Ampt Mode technologies, as well as multiple MPP trackers per string to maximize energy production. String Stretch allows PV designers to save up to 50 percent on electrical balance-of-systems costs, while Ampt Mode enables up to 50 percent savings in a PV inverter cost per watt. Ampt optimized systems have a lower total system cost than traditional 1000 volt PV system designs, and deliver more value than even emerging 1500 volt designs.
Ampt is a founding member of the HDPV Alliance - an industry-wide initiative to lower the cost and improve the performance of large-scale PV systems using DC power optimizers. HDPV, or High Definition PV, uses defined standards, tested compatibility and shared best practices to enable members across the PV value chain to deliver products and services that optimize PV systems.
Ampt delivers innovative power conversion technology and communications capabilities that are optimizing the way PV systems are designed. The company, along with strategic partners in the HDPV Alliance, is lowering system cost and increasing energy generation to improve ROI and broaden the PV solar market.
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