By Portland Business Journal

Tualatin energy technology startup Azuray Technologies has closed on a new $5 million round of financing.

The equity investment, disclosed in a filing with the Securities & Exchange Commission on June 29, is a continuation of an initial $8 million Series A round that first closed in 2008, according to a company spokeswoman.

The combined $13 million investment comes from Menlo Park, Calif.-based New Enterprise Associates, one of the largest and oldest venture capital firms in the country with $11 billion in committed capital.

Azuray executives declined interview requests, saying the company is in stealth mode.

The company is developing electronics systems for the solar industry, including micro-inverters designed to efficiently convert the direct current produced by a solar panel system into the alternating current that is standard in American homes and offices.

According to its website, Azurayâ¿¿s technology maximizes the amount of solar energy harvested by a system, reduces costs, and increases reliability through system management and monitoring.

Copyright 2010 American City Business Journals
Copyright 2010