Petra Solar announces $40 million growth financing

SOUTH PLAINFIELD, USA: 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.