Companies · Other Energy
SAN JOSE · Other Energy
Diligence memoA one-page analyst read on Merlin Solar Technologies, Inc. — recommendation, valuation, rhythm, risks.→Merlin Solar Technologies, Inc. looks under-valued against its niche peers and is active on financing cadence.
Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the energy sector profile.
Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.
No named principal in this company's public records yet — see all operators below.
Explore how these operators interlock with other companies in the operator network.
Merlin Solar Technologies, Inc. is one of 2049 Other Energy companies tracked from SAN JOSE. By capital raised it ranks in the upper tier (ahead of 84% of sector peers), and in the upper tier by modeled valuation est..
Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.
As reported in public records reported — not modeled.
Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.
The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.
Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.
Round size and date are reported; the stage label is inferred from round size (latest is Series B — a $15M–$40M round). Valuation is modeled from stage benchmarks scaled by the energy sector profile. Directional, not a quoted figure.
Benchmarked against 2049 companies in Other Energy. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.
Raised more than 84% of sector peers (real $). Modeled value above 77% of peers (estimate).
A tighter cohort than the sector chart above — only companies at the same stage (Series B) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #21 of 25.
| Company | Stage | Raised · real | Value · est | vs peer med. |
|---|---|---|---|---|
| American Resources Corp | Series B | $74.2M | $164.9M | 1.71× |
| Realta Fusion Inc. | Series B | $44.5M | $160.2M | 1.66× |
| e2 Companies LLC | Series B | $55.0M | $158.0M | 1.64× |
| Sinda Ltd. | Series B | $32.6M | $132.4M | 1.37× |
| Cig Cs3, Llc | Series B | $30.5M | $123.5M | 1.28× |
| ZincFive, Inc. | Series B | $110.4M | $119.1M | 1.24× |
| Avalanche Energy Designs, Inc. | Series B | $57.7M | $116.2M | 1.21× |
| Terrestrial Energy Inc. | Series B | $131.0M | $112.6M | 1.17× |
| International Battery Company, Inc. | Series B | $40.9M | $108.8M | 1.13× |
| X-Energy Management, LLC | Series B | $22.8M | $100.3M | 1.04× |
| Spark Community Investment Co | Series B | $29.2M | $99.3M | 1.03× |
| Nuvve Holding Corp. | Series B | $35.5M | $98.1M | 1.02× |
| Merlin Solar Technologies, Inc. this company | Series B | $26.3M | $64.0M | 0.66× |
Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.
| Stage | Amount · real | Announced | Post-money · est | Value · est | Conf. |
|---|---|---|---|---|---|
| Series A | $10.2M | 2016-04-13 | $46.4M | $107.8M | 85% |
| Series B | $16.1M | 2025-12-18 | $89.2M | $64.0M | 90% |
Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.
Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.
Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.
| Person | Role | Also runs | Tied since |
|---|---|---|---|
| Ajay Shah | — | 6 other | 2016-04 |
| KS Jangbahadur | — | 1 other | 2016-04 |
| Mukesh Patel | — | 1 other | 2016-04 |
| Alberto M. De Larrazabal | — | — | 2025-12 |
| Alok H. Sindher | — | — | 2025-12 |
| Chi H. Miller | — | — | 2025-12 |
| Gopal Prabhu | — | — | 2016-04 |
| Ian Francois Van Reepinghhen | — | — | 2025-12 |
| Kendall Brandon Combs | — | — | 2025-12 |
| Mark H. Rayfield | — | — | 2025-12 |
| Mark Robert H. Uy | — | — | 2025-12 |
| Robert Brainard | — | — | 2016-04 |
| Venkatesan H. Murali | — | — | 2025-12 |
| Venkatesan Murali | — | — | 2016-04 |
Merlin Solar Technologies, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.
Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.
| Company | Sector | Stage | Raised · real | Value · est | Why similar |
|---|---|---|---|---|---|
| SeaOne Holdings, LLC | Other Energy | Series B | $25.6M | $58.6M | same sector · same stage |
| Keahole Solar Power Llc | Other Energy | Series B | $25.4M | $86.1M | same sector · same stage |
| Greenstreet Equites Inc | Other Energy | Series B | $25.0M | $89.7M | same sector · same stage |
| Homeland Renewable Energy Inc | Other Energy | Series B | $25.0M | $89.7M | same sector · same stage |
| Rollis Business Group, Inc. | Other Energy | Series B | $25.0M | $89.7M | same sector · same stage |
| Transkinetic Energy Corp | Other Energy | Series B | $25.0M | $89.7M | same sector · same stage |
| Northwest Renewable Llc | Other Energy | Series B | $28.5M | $79.0M | same sector · same stage |
| Pipeline Supply & Service Holdings, LLC | Other Energy | Series B | $29.7M | $74.4M | same sector · same stage |
Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.
| Company | Sector | Stage | Value · est | Match |
|---|---|---|---|---|
| FTC Solar, Inc. | Other Energy | Series A | $52.7M | 85% |
| Dublin Solar MFG, LLC | Other Energy | Series B | $5.5M | 85% |
| Solar Tech Energy Systems, Inc. | Other Energy | Seed | $4.0M | 84% |
| Aries Clean Energy, LLC | Other Energy | Series B | $107.3M | 84% |
| Meridian Clean Energy, LLC | Other Energy | Series A | $51.1M | 84% |
| CFW Solar X LLC | Other Energy | Seed | $38.2M | 84% |
| Pegasus Solar Inc | Climate / Cleantech | Series A | $102.2M | 83% |
| Solar Energy Solutions, Inc. | Other Energy | Pre-Seed | $3.0M | 83% |
See where Merlin Solar Technologies, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.
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