Zebra Technology is the maker of a solar panel technology that’s designed to use energy generated from the sun.
The company announced Wednesday it would invest $5 million in a company it co-founded to develop and commercialize a solar-generated technology that could be used to power homes and businesses.
Zebra is the latest company to make the move in the wake of the solar-energy boom.
ZeeVox, a solar power technology company, raised $2.3 billion in a funding round last year, according to PitchBook.
Solar panel technology is gaining momentum in the United States and elsewhere, with a growing number of companies and individuals using the technology to make solar-powered panels.
Solar panels that convert sunlight to electricity are gaining in popularity because they’re cheaper to produce and more energy-efficient.
ZreeVox is also making a $2 billion bet on solar energy technology.
“We see a lot of potential in solar energy,” Zee says in a statement.
“Zebra has been leading the way in the commercialization of the technology and is confident that we will be successful.”
Zee and Zebra have partnered with Zebra Ventures to develop a commercial product called ZebraVox.
ZevaTech has also been investing in solar-panel technology, raising more than $3 million in recent years, including a $1.5 million investment in 2011.
“The technology has potential for the mass market and it has potential to create jobs,” Zeva CEO Matt Gebhardt said in a blog post.
“Solar panels can help power cities and businesses around the world by making electricity more cost-effective.”