Oregon, United States [RenewableEnergyWorld.com] Financing may finally be freeing up for renewable energy. Following announcements in the last few weeks from REpower, Catch the Wind and SolarCity, PV Powered Inc. has received a multimillion-dollar investment from Evans Renewable Holdings II LLC – the principals of JH Kelly LLC, an 85-year old commercial/industrial construction company. The new funding will allow the PV Powered to capitalize on the rapidly growing solar energy marketplace which could result in doubling or tripling the company’s size in the next two years, the company said.
The investment comes at a time when the solar industry is experiencing strong growth. The Evans investment provides PV Powered with the working capital required to expand the company including hiring additional human resources, investing in technology, developing the next commercial and utility scale products and providing enhanced support to existing customers. Financial terms of the deal were not disclosed.
“Over the last 18 months we’ve invested significantly in PV Powered, and this latest infusion of capital demonstrates our commitment to the company for the future and this industry segment as a whole,” said Mark Fleischauer, a principal of Evans. “We like their technology, and we think they’ve got the best product on the market. PV Powered has a tremendous management team, and they are focused deeply on the needs of their customers, which is exactly what they need to do to capitalize on the expanding marketplace.”