Business & Tech
Tegal Invests, Enphase Receives $8 Million and Wine Consultant Starts Own Company
Down to Business is a weekly column that focuses on what local companies that hiring, expanding and making national headlines. Got a tip? Send it to reporter Kevin King, email below, or to Patch editor Karina Ioffee at karina@patch.com.
Petaluma-based Tegal Corp. this week invested $300,000 into NanoVibronix Inc., an Israeli developer of medical devices.
NanoVibronix holds patents on technology that helps treat chronic soft-tissue wounds, such as Carpel Tunnel Syndrome or tendonitis, by emitting low-frequency waves in the affected area. The company’s PainShield MD portable device recently received FDA approval.
The investment came as Tegal Corp. changes its strategy after a tough economic stretch during the recession, punctuated by net losses of $476,000 in the second quarter fiscal year 2012 (which ended on September 30).
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Tegal has begun backing more emerging technologies, like the NanoVibronix investment, as well as develop large scale photovoltaic-based solar projects through portfolio company Sequel Power. Sequel opened offices in Argentina and Chile in October.
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Enphase Energy received another $8 million in funding, pushing its total to $22 million raised in venture capital, according to filings with the SEC.
Enphase, with its IPO, is looking to grab a big piece of the solar market, which is expected to grow from 7 gigawatts (GW) of installed capacity in 2009 to an expected in 43 gigawatts by 2015, according to Enphase. The company develops efficient microinverters, which convert the DC power from solar panels into AC power used in homes, and sold its 1 millionth microinveter in September.
With over 3,000 installers in 50 states and Canada, Enphase made net revenues of $92.4 million in the first three quarters of 2011. After costs, Enphase made a $16 million gross profit. Based in Petaluma, the company does business in the United States, Canada, France, Italy and China.
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Blakeslee Land Services will break out on its own and move into 245 Kentucky St. downtown.
Recently of Blakeslee & Crain Land Services, Chris Blakeslee formed the new company to focus more on real estate appraisal and consulting services for wineries and vineyards, according to Blakeslee. He started in the business in 1986 with Agriculture Advisors and Blakeslee & Associates.
“My move was logical as I live on the Westside of town,” said Blakeslee, “and it is convenient for me to move up and down from the Sonoma coast, Russian River, Dry Creek Valley and Anderson Valley to look at properties.”
The company may only be at the location for a short period if the business grows fast enough.
