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Petra Solar Gets $40 Million for Pole Mounted Solar and Smart Grid Systems

February 9, 2010
Source: Clean Edge News

Petra Solar, Inc., a developer of pole mounted smart grid and solar systems for utilities announced that it has raised $40 million in funding for expansion. Two new investors, Craton Equity Partners and Espirito 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 Craton managing partner Bob MacDonald. "It's an innovative technology and an elegant business model."

Petra Solar says it 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.

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.