Solar photovoltaic microinverter developer Sparq Systems has raised $2.75m in funding from three Ontario-based venture capital investors.
Led by the MaRS Cleantech Fund, the round was also joined by the Investment Accelerator Fund and the Ontario Centres of Excellence.
Sparq manufacturers microinverters, which convert the power produced by solar panels into usable grid power.
Sparq’s recently appointed CEO Randall MacEwen said, ’2013 has been a transformational year for Sparq.
‘We have successfully commercialized our first generation microinverter with sales in Canada, the United States and Mexico. With our recent financing, we have strengthened our management team and are commercializing our next generation microinverter — a product we believe will reset the industry standard for cost, reliability, performance, ease of installation and advanced grid functions.’
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