Apex Venture Partners Expands Portfolio to Include Renewable Energy

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