Enphase Energy received a $10 million strategic investment by T.J. Rodgers, founder and former CEO of Cypress Semiconductor, and John Doerr, chairman of Kleiner Perkins Caulfield & Byers. As part of the new investment, Rodgers will be appointed to Enphase’s Board of Directors. Enphase anticipates using a portion of this investment for consulting services to optimize operating performance while supporting the growing global demand for its energy management systems.
The shares of Enphase’s common stock issued in connection with the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, these securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. Enphase has agreed to file on or before March 21, 2017, a registration statement covering the resale of the common stock.