High-efficiency power conversion systems manufacturer Rhombus Energy Solutions raised an undisclosed amount in its Series C financing round on 21 September 2020.
The Series C round was led by Emerald Technology Ventures. Rhombus Energy received funding from a global syndicate of advanced energy investors. The syndicate included Nabtesco Technology Ventures, Greenhouse Capital Partners Cycle Capital Management, Inci Holding and existing shareholders. Emerald Technology Ventures Partner, Markus Moor and Cycle Capital Management Founder and Managing Partner, Andree-Lise Methot will join Rhombus’ Board of Directors.
The funds will be used to scale its team and operations to accelerate product development, expand sales and marketing reach in order to fulfill the needs of its fast-growing customer base.
About Rhombus Energy Inc.
Rhombus Energy Solutions, Inc. is a leading developer and manufacturer of high-efficiency power conversion systems for electric vehicle fleet charging, energy storage and microgrid applications. It was founded in 2012 by Carolyn Paynton, Joseph Gottlieb, Rick Sander and Robbie Diamond.
Rhombus Energy Solutions manufactures next-generation bi-directional electric vehicle charging infrastructure and energy management system (EMS) software. They have a line of UL 1741-SA certified bi-directional chargers for Vehicle-to-Grid (V2G) applications, utilized by electric vehicle (EV) fleets and charging network operators. Rhombus UL 1741-SA certified smart inverters are preferred equipment in commercial and industrial building solar energy and energy storage solutions. Rhombus has shipped over 800 systems worldwide into the most demanding environments.
“We are very pleased with the integrity of the firms and the shared commitment of the syndicate,” said Rick Sander, President and CEO of Rhombus
About Emerald Technology Ventures
Emerald Technology Ventures is a globally recognized investment firm and strategic innovation partner. It has offices in Zurich, Toronto and Singapore. Founded in 2000, Emerald has raised five venture capital funds and completed over 400 venture investments in 67 emerging industrial technology leaders. Emerald is an innovation partner investing in the areas of energy, water, industrial IT, advanced materials, mobility, robotics and agriculture.
“Emerald sees high-power EV charging, and particularly Vehicle-to-Grid (V2G) EV charging, as promising means to both reduce energy costs for EV fleets and to provide energy to the utility grid during peak demand hours. The Rhombus team has the expertise and technology to provide industry-leading solutions in this fast-growing and important market. The Company has demonstrated this leadership through the success of its products in a variety of demanding EV fleet deployments.” said Markus Moor, Partner at Emerald Technology Ventures.
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