Apex’s decision to lead the
investment in SolFocus represents a deliberate expansion of its
portfolio base into the renewable energy sector. Apex Venture Partners,
which was established in 1987, has six funds and more than $600 million
under management. Apex typically focuses on early stage investments in
software applications, technology-enabled services, IT infrastructure
and telecommunications. This is the firm’s third investment in the
renewable energy sector and its first investment in solar energy.
Apex’s decision to diversify into this sector follows their investment
approach, which emphasizes a disciplined evaluation of each investment
opportunity, taking into account key criteria including market,
management, product and business model. While the overall PV market is
growing at 30+ percent annually, SolFocus serves the high solar resource
segment, which is growing at a much higher rate, approaching 50%. The
company’s products are focused on power-field applications and are being
deployed globally. Explaining the firm’s investment decision, General
Partner, Wayne Boulais said, “SolFocus has a strong management team with
a proven track record in volume manufacturing and project deployment in
large companies. Many alternative energy ventures will have difficulty
making the transition from R&D to volume deployment and the SolFocus
team has success in leading entrepreneurial companies to navigate the
critical turn from R&D into commercialization. The company’s products
are industry-leading and meet under-served customer needs for high
energy yield, and its business model can drive solar energy costs to
parity with fossil fuels.”
Wayne Boulais will be active in the company, having been elected to the
SolFocus Board of Directors.
SOURCE: Apex Venture Partners
