AndSolar Intelligent Technology Co., Ltd. (“AndSolar”) recently has announced the completion of ten millions of CNY in pre-Series A funding. AndSolar’s latest financing round was led by Matrix Partners (经纬创投), with follow-on investments from K2VC (险峰长青).
AndSolar is a technology-based company engaged in Module Level Power Electronics (MLPE) and overall solutions for photovoltaic smart energy. The products cover intelligent shutdown devices and intelligent optimizers for photovoltaic modules, photovoltaic energy controllers, and related smart cloud platforms, aiming to provide safe, efficient, and intelligent products for global users.
According to AndSolar, this round of financing will be mainly used for expanding research and development investment, accelerating product delivery, and increasing market coverage and penetration rate. The company focuses on building a smart energy ecosystem with the MLPE track as its driving force. MLPE refers to power electronic devices that can perform component level regulation on photovoltaic systems, including micro inverters, turnoffs, and power optimizers. MLPE is mainly designed to meet the gain and operational safety of photovoltaic power generation in distributed scenarios.
Based on Global Information's data report, the global MLPE market was worth USD 2.32 billion in 2022 and is expected to reach USD 5.49 billion by 2028, with a compound annual growth rate of 17.35%. This growth is driven by the high demand for solar photovoltaic power generation equipment, high energy efficiency, sustainable energy consumption, as well as changes in government regulations.
In addition to AndSolar, many companies are competing in the MLPE market, such as LeadSolar (无锡联动), Darfon Electronics (达方电子), APSystems(昱能公司) and Envertech (浙江恩沃) in China, Solar Edge, Enphase Energy and Tigo Energy (蒂戈能源) in United States, Sparq Systems in Canada, and AEconversion in Germany.
Yang Zhao (赵阳), partner of K2VC, stated: "MLPE is a huge market in the photovoltaic industry that has emerged in the pursuit of higher efficiency, lower costs, and higher reliability. AndSolar has gathered industry experts in the fields of photovoltaic and power electronics, while possessing rich industry resources, product management experience, and research and development capabilities. We look forward to their continuous growth, innovation, and growth as a global MLPE leader.”