Led · Seed · Dec 2018

OffGridBox produces all-in-one, shipping-container-sized installations that use solar panels to charge batteries, power lights and run water purifiers for rural communities. Each unit stores electricity, dispenses rechargeable batteries and supplies treated water from a local source, and can generate as much as 12 kWh per day. The company has installed 38 boxes so far and targets local merchants—often young women—to operate and maintain each box as a small business. Each box costs about $15,000 to build plus roughly $10,000 to deliver and install; at full utilization a box can generate about $10,000 of revenue per year and an IRR of ~15 percent. OffGridBox plans feature expansion (Wi‑Fi, portable speakers) and is researching complementary power sources like wind and desalination to broaden deployments. With partnerships (including local nonprofits and banks) the company hopes to scale from the initial deployments in Rwanda toward hundreds or thousands of boxes.

Participated · Series B · Sep 2011

Power Assure develops data center energy management software for large enterprises, government agencies, and managed service providers, offering visibility, intelligence, analytics and automation to optimize capacity, service levels, and power consumption. The company is headquartered in Santa Clara, California, and is privately held. Power Assure’s solutions target smart-grid integration for data centers and the firm partners with vendors such as ABB, Cisco, Dell, IBM, Intel, In-Q-Tel, Raritan, UL and VMware. The company plans to use recent financing to expand sales and marketing and to increase engineering investments specifically for smart-grid integration. Financially, Power Assure has completed a $14.5M Series B and has raised $29.75M in total funding to date, including a grant from the U.S. Department of Energy. Dominion Energy Technologies joined the investor syndicate as a strategic backer to accelerate smart-grid–related initiatives. Power Assure develops Data Center Infrastructure and Energy Management software for large enterprises, government agencies, and managed service providers. Its solutions provide visibility, intelligence, analytics and automation to help CIOs, IT directors, and facilities managers optimize capacity, service levels, and power consumption within and across data centers. The company is led by president and CEO Brad Wurtz and is based in Santa Clara, CA. Partners include ABB, Cisco, Dell, IBM, Intel, In-Q-Tel, Raritan, UL and VMware. Power Assure intends to use the new funds to expand sales and marketing and to increase investments in engineering. Financially, the company has closed a $13.5M Series B and has raised $28.75M to date; it also received a $5M grant from the U.S. Department of Energy. Power Assure provides Dynamic Data Center Optimization software that delivers real-time and historical insight into power utilization and other key performance indicators. Its solutions are currently in production at large enterprise and government data centers. The company plans to use new funding to expand sales and commercialization initiatives and to further develop and promote adoption of its power optimization software. Financially, Power Assure has raised a total of $20.25M to date, including a $5M award from the U.S. Department of Energy to support development and adoption. The recent strategic investment is intended to accelerate commercialization and market expansion. The company is based in Santa Clara, CA. Power Assure builds software that dynamically reduces data center power consumption, which the company says cuts power use by half on average. Its product acts like an "automatic lights out" for data centers, putting servers to sleep or shutting them down during low utilization while adjusting capacity dynamically. Customers include Palo Alto Research Center, and the company says it has seen interest from government organizations, financial-services firms, and operators of 10,000–200,000 sq. ft. data centers. Power Assure plans to use the new capital to take its technology to a broader market. Founded in 2007 and based in Santa Clara, the company previously raised a $2.5M Series A from DFJ in 2009 and has won non-dilutive funding including a $5M Department of Energy grant and a $50,000 prize. Including the current round, Power Assure has raised $18.75M to date. Power Assure develops power management and business automation software designed to cut energy use and carbon emissions in data centers. The company’s core product targets commercial, corporate and government data centers with automated power-management capabilities. In 2010 it was awarded a $5M grant from the U.S. Department of Energy, funded by the American Reinvestment and Recovery Act of 2009. Proceeds from the grant will be used to augment product development and to drive commercialization of its software. Management says the funding will accelerate deployment of its technology and support customers’ energy-efficiency and green initiatives. The company plans to deploy the software in government and enterprise data centers as part of its commercialization push.

Participated · Series B · May 2011

Enecsys develops solar microinverters designed for residential and smaller commercial photovoltaic installations rather than utility-scale farms. Its inverters mount on the rail behind solar modules, deployed one per module or one per two modules. The company says its technology enables remote monitoring and optimization via web apps and can harvest 5–20% more energy than traditional DC-wired setups. Enecsys plans to use new funding to expand its microinverter sales into additional international markets, including Canada and the U.S. The market is highly competitive, with numerous well-funded microinverter startups and incumbent inverter and optimization suppliers. To date the company has raised about $55.3 million in venture capital. Enecsys Limited is a Cambridge, UK-based manufacturer of solar photovoltaic (PV) micro-inverters. The company attracted a further £2.5m ($4.2m) investment from Good Energies. This new funding adds to the £6m ($10m) received from Wellington Partners and BankInvest in June 2009, for a total of £8.5m ($14.3m) in the company. In conjunction with the funding, George Coelho, Good Energies’ Managing Director, London, joined the board of Enecsys. In early 2010 the company planned to announce its micro-inverter technology, which it said promises lowest lifetime costs, highest reliability and faster, easier installation of solar PV systems. Good Energies is described in the article as a global investor in renewable energy and energy efficiency industries.

Participated · Equity · Mar 2011

Alta Devices, founded in 2007 and based in Santa Clara, CA, focuses on high-efficiency solar PV technologies with an emphasis on lowering production costs. Its core technical work targets advanced materials—particularly thin gallium arsenide layers—and manufacturing and form-factor innovations to raise solar conversion efficiency. The company reports lab progress on techniques such as epitaxial lift off to enable efficient use of very thin GaAs layers. Alta’s technologists are addressing efficient raw-material use, improved manufacturing processes, and new ways to optimize conversion efficiency for energy applications. Alta is currently a development-stage company and has raised funding to move toward commercialization; total investment in the current round to date is $72 million. Strong VC and industry investor participation and board involvement aim to support scale-up and commercialization efforts.

Participated · Equity · Nov 2010

AZZURRO Semiconductors, based in Magdeburg, Germany, produces ultra-high-quality Gallium Nitride (GaN) epi wafers on large-area silicon substrates. The company supplies GaN layers on 150 mm standard silicon wafers and plans to offer 200 mm wafers soon. Its wafers are used in power electronics — including power supplies, solar inverters and power converters for hybrid and electric vehicles — and in the LED industry to manufacture high-brightness LEDs. AZZURRO positions GaN on silicon as offering higher efficiency and lower cost at high voltages and currents compared with conventional silicon and expensive silicon carbide devices. The company closed a €14.5m financing round to support its growth. Management stated the capital will be used to finance AZZURRO’s first production site to be built in Dresden.