Maryland, United States [RenewableEnergyWorld.com] Standard Solar Inc. announced that it has raised US $8.5 million to fund expansion that is aimed at meeting growing demand in its targeted residential and commercial markets. Truecast Capital of Middleburg, Virginia completed this second-round of company financing with investments from several private and institutional investors despite turmoil in financial markets.
Most of the money will be used to scale up the company’s marketing initiatives and its ability to meet the growing demand for residential photovoltaic installations and small to mid-size commercial systems for businesses, schools, government agencies and other organizations. This funding also enhances the financial, operational and customer service capabilities needed to support this expansion, the company said.
“We have fine-tuned our business strategy over the past several months and are poised to execute on it,” said Anthony Clifford, Standard Solar’s president and CEO. “This new funding could not have come at a better time. It allows us to take immediate advantage of the historic solar tax credit legislation just passed by Congress and signed into law by President Bush.”