GreenRay Raises $2 Million

Greenray Inc., a Westford, Mass.-based developer of DIY solar technology for residential homes, has raised $2 million in Series A funding. Quercus Trust led the round, and was joined by 21Ventures.

GreenRay Inc., a Massachusetts-based startup, today announced that it completed its Series A financing round. The round was led by the Quercus Trust of Newport Beach, California. New York-based 21Ventures co-invested. The $2 million investment enables GreenRay to rapidly move ahead with manufacturing, distribution channel development, and commercial launch.

GreenRay’s solar innovation significantly reduces the cost of generating renewable solar energy by simplifying system design and installation. At the heart of GreenRay’s AC Solar Module is a highly reliable patented micro-inverter paired with energy monitoring.

“PV systems today are too complex and inverters too unreliable. For more than 15 years I have seen the path to simplify PV for consumers and that’s why we set out to leapfrog today’s approach and create a true modular AC system,” stated Miles C. Russell, CEO of GreenRay. “I am excited to have the support of 21 Ventures and the Quercus Trust, who are enabling us to transform the very nature of PV systems.”

“Despite solar’s rapid growth over these last few years, we are still far away from the cost structure needed to make solar a significant percentage of energy generation. We believe that there is a huge opportunity to bring down the costs of solar on the balance of systems side and that GreenRay has found a way to do that,” said David Anthony, Managing Partner at 21Ventures. “At 21Ventures, we see this as a disruptive technology that will move the solar industry into the mass do-it-yourself solar market.”

GreenRay was founded in 2006 by a team of former Schott Solar employees. Since then, GreenRay has received over $3.5 million in government-sponsored funding to demonstrate its AC Module concept, including grants from the Department of Energy and a SEED investment from the Massachusetts Renewable Energy Trust.

“The successes of Massachusetts clean technology companies are successes for the Commonwealth as a whole, as Governor Patrick steers the Bay State toward a clean energy future,” Massachusetts Energy and Environmental Affairs Secretary Ian Bowles said. “Today’s announcement reflects the continued growth and vibrancy of the state’s already burgeoning solar technology sector.”

About GreenRay

GreenRay Inc. is developing Do It Yourself solar technology for residential homes. Today’s Photovoltaic (PV) systems require specialized expertise to design and install. GreenRay has reduced design and installation time, making solar simpler to install, more reliable and less expensive. GreenRay’s patent-pending technology sets the new standard for safe, installation-friendly residential solar electric systems.

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About The Quercus Trust

Based in Newport Beach, California, The Quercus Trust is recognized as one of the North America’s leading clean-tech venture funds, with strategic investments in the clean technology areas of solar, water, bio-fuels, wind and batteries. The Quercus Trust is known to provide more value than funding alone, and takes a long-term view of invested capital, leveraging its industry expertise and relationships for the benefit of its portfolio companies.

About 21Ventures

21Ventures is a virtual technology incubator focusing on the ideas and innovations that will dominate the 21st century. Since its founding in 2003, 21Ventures has provided seed, growth, and bridge capital to over 39 technology ventures across the globe. 21Ventures’ expertise is in the clean-tech space, where it focuses on wind, solar, water, energy storage, efficiency and, agriculture. 21Ventures invests in other sectors as opportunities arise. Unlike traditional VCs, 21Ventures leads its companies and its investors to success by providing shared resources such as grant writing; technical consulting and web based marketing services provided through its affiliate, Expansion Media. The virtual incubator sponsored by 21Ventures provides an ideal framework for companies competing in an ever evolving, global marketplace.

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