Sunfolding, a producer of single-axis tracker systems, has closed a $32 million Series B growth funding round. G2VP and Macquarie Capital join the investors backing the next stage of growth for Sunfolding.
Sunfolding will use this investment round to expand operations and support a rapidly growing pipeline of projects. Specifically, the company will expand its U.S.-based manufacturing and assembly footprint and increase volume purchasing power with suppliers, including vendors in the automotive industry. The additional funds will also support the growth of Sunfolding’s team to execute on more large-scale solar projects concurrently.
“We invested in Sunfolding because their unique technology delivers a step-function improvement in the economics of utility-scale solar projects,” comments Ben Kortlang, general partner 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 in the U.S. and Australia. The company touts its “much simpler” solar trackers, including the flagship product, the Sunfolding T29 single-axis tracker. The T29 features motor-free tracker rows and 95% fewer maintenance locations, the company 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,” adds 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.”