New Jersey, United States [RenewableEnergyWorld.com] Petra Solar has raised $40 million in funding for expansion. Two new investors, Craton Equity Partners and Espírito Santo Ventures, led the latest round with 100% participation from existing investors, Element Partners, Blue Run Ventures, OnPoint Technologies (U.S. Army’s Venture Fund) and Kuwait’s National Technology Enterprises Company (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 Bob MacDonald managing partner at Craton. “It’s an innovative technology and an elegant business model.”
Petra Solar will use the new round of financing to help 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.
Late last year, Petra began shipping photovoltaic (PV) modules embedded with power management and communications systems. Taking the shipments is PSEG, the state’s largest utility, which recently entered into a contract with Petra Solar, valued at US $200 million.
Under the contract, Petra Solar is set to deliver approximately 200,000 SunWave PV units for installation by PSEG plans for installation on poles in its service territory, which includes the state’s six largest cities and some 300 rural and suburban communities.