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Petra Solar Inc., a pioneer and market leader in pole mounted smart
grid and solar systems for utilities, has raised $40 million in funding
for expansion.
Two new investors, Craton Equity Partners and
Espírito Santo Ventures, led the latest round with 100 percent
participation from existing investors, Element Partners, Blue Run
Ventures, OnPoint Technologies (US Army's Venture Fund) and Kuwait's
National Technology Enterprises Co. (NTEC). “Petra Solar’s
SunWave solution is incredibly compelling because it does not require a
large footprint in environmentally protected areas, thereby avoiding
long transmission lines or costly permitting and siting procedures.
SunWave is a proven, cost effective and accelerated approach for
utilities to address Renewable Portfolio Standards while simultaneously
building smart-grid capabilities,” said Craton managing partner Bob
MacDonald. “It’s an innovative technology and an elegant business
model.”
"In our investments, we look for leading-edge
technologies and business models with the ability to sustainably
address a global business need, led by an outstanding team. Petra
Solar, whose management team is among the best and most resourceful we
have found, offers that and much more. In pioneering integrated
pole-mounted solutions for electric utilities, Petra Solar leads the US
market with a strong opportunity for international expansion," said
Joaquim Sérvulo Rodrigues, CEO of Espírito Santo Ventures.
"Prior
to this round, Petra Solar developed a comprehensive utility-grade
solution currently shipping to a leading US utility. It has assembled a
world class management team and established successful manufacturing
operations. This new round of financing will provide Petra Solar the
resources to serve a growing number of utilities and municipalities
engaged with the company," said Sujit Banerjee of Element Partners and
BRV.
"The Petra Solar management team is very pleased to have
Craton Equity Partners and Espírito Santo Ventures as investors,
especially given their experience in cleantech growth investing and
their expertise in the regulated energy sector. We are also thankful
for the continued support of our existing investors," said Petra Solar
CEO and President, Dr. Shihab Kuran.
"Petra Solar has a proven
model for green job creation including installation and manufacturing
jobs that are local to system deployment. We are very gratified that
our business interests line up directly with the public's interest in
producing reliable, clean energy and green jobs," said Kuran.
Petra
Solar will use the new round of financing to expand its customer base,
with plans to hire another 30 executive and professional employees
immediately. By the end of 2010, the company expects to employ 165
people, a ten-fold increase from its base of 15 last spring. Right now
the company is actively recruiting throughout the United States to
support growth including but not limited to project developers,
regulatory experts, account managers, engineers and manufacturing
staff.
Petra Solar is shipping the SunWave system in volume.
These systems are generating clean energy, adding reliability to the
distribution grid while simultaneously providing smart grid
communications capabilities across PSE&G’s service territory in New
Jersey.
The company will expand its product line to address
new applications and market segments that leverage its Smart Energy
Module platform, which integrates utility grade power management, smart
grid communications and grid availability features into a single
system. The Smart Energy Module commercializes Petra Solar’s technical
achievements resulting from its leadership in the Department of
Energy’s Solar Energy Grid Integration Systems program, for which it
received an Energy Innovator Award.
