TORONTO, Oct. 20, 2014 /CNW/ - SPARQ Systems today announced $11 million in funding led by ArcTern Ventures, a venture capital fund that provides early-stage capital to companies in the cleantech sector. A MaRS Cleantech client, SPARQ Systems' technology converts power produced from solar panels into electricity that can be used by the grid.
"This funding will launch our next generation uQuad microinverter, resetting the bar for residential solar systems," said Dr. Praveen Jain, Chairman and Chief Technology Officer of SPARQ and Canadian federal research chair in power electronics. "We saw an opportunity to take a completely different approach in microinverter design using ideas from power electronics, space and telecom fields. The result is the next generation in microinverters."
SPARQ System's uQuad is the world's first 4-in-1, 1,000-Watt residential microinverter that independently optimizes power from up to four solar modules. The uQuad is also the first commercially available 'smart' microinverter, with full reactive power control as well as film capacitors to ensure it lasts as long as the solar modules – 25 years or more.
"We spend a lot of time looking at groundbreaking solar technologies and in SPARQ we saw a truly unique advantage over traditional microinverters," said Murray McCaig, Managing Partner at ArcTern Ventures. "The SPARQ team has done a superb job of translating innovative technology into a better product for solar system installers and home owners."
About SPARQ Systems
SPARQ Systems (www.sparqsys.com) designs and markets advanced microinverters for residential and commercial solar power systems. SPARQ's microinverters are the smartest, most reliable, and lowest cost in the industry. SPARQ's microinverters are sold through distributors in the USA, Canada, and Mexico to solar system installers looking for an easy to install, low cost, and highly reliable solution that meets future grid requirements today.
About ArcTern Ventures
ArcTern Ventures (www.arcternventures.com) is a North American venture capital fund with a focus on early stage investments in companies with breakthrough technologies that will positively impact the planet. The Fund has developed a unique startup acceleration model through its partnership with one of the largest innovation centres in world, MaRS Discovery District (www.marsdd.com). The fund is managed by Tom Rand and Murray McCaig, two experienced entrepreneurs that bring a wealth of startup experience to their portfolio companies.
MaRS Discovery District (@MaRSDD) in Toronto is one of the world's largest urban innovation hubs. MaRS cultivates high-impact ventures and equips innovators to drive economic and societal prosperity. MaRS provides expert advice and market research, and makes connections to talent, customers and capital. MaRS startup clients have created 6,500 jobs and, in the last three years alone, they have raised $1 billion in capital and generated $500 million in revenue.
SOURCE: MaRS Discovery District