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Petra Solar Raises $40M For Growth and Expansion - CBL
By Citybizlist Staff
SOUTH PLAINFIELD, N.J. - In a press release today, NJ-based Petra Solar, a developer of grid-tied, pole-mounted, solar generation systems for electric utilities, announced that it has raised $40 million in funding for growth and expansion. Craton Equity Partners and Espírito Santo Ventures led the round along with existing investors Element Partners, Blue Run Ventures, OnPoint Technologies and Kuwait's National Technology Enterprises Company (NTEC).
Petra Solar received a grant of $2.9 million from the Department of Energy in 2009 to achieve the widespread adoption of solar energies, and has previously raised $14 million in venture funding.
According to Petra Solar CEO and President, Dr. Shihab Kuran, the company welcomes Craton's and Espírito's experience in cleantech growth and the regulated energy sector, and hopes the funding will encourage hiring in "green" jobs. 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. The company hopes to increase its employee base by the end of 2010 to employ 165 people.
"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 Blue Run Ventures.
Last year Petra Solar contracted to build 200,000 pole-mounted solar installations for New Jersey utility company PSE&G, a $200 million deal. Kuran said the contract was transformational for the company.
About Petra Solar:
Petra Solar, founded in 2006 by CEO and President Dr. Shihab Kuran, is the pioneer of SunWaveTM, grid tied, pole mounted, distributed solar generation systems. The SunWaveTM system combines solar energy with smart grid communications and electric grid enhancement functions to create a comprehensive utility grade solution for utilities. www.petrasolar.com.
About Craton Equity Partners
Craton Equity Partners is a Los Angeles-based cleantech fund, focused on investing in new technologies that provide solutions to the effects of climate change and environmental degradation. Craton's investments include green building products, earth heat exchange projects, smart grid technologies and next-generation biofuels. www.cratonep.com.
About Espírito Santo Ventures
Espírito Santo Ventures is a venture capital firm of the Espírito Santo Group, focused on technology-based companies. Based in Lisbon, Portugal and with more than 200 million Euros in assets under management, Espírito Santo Ventures invests in the areas of Clean Tech, Health Care and Well-being and IT. The firm is currently raising a new venture capital fund ("Espírito Santo Ventures III") to expand its activity in those preferred areas of investment. www.es-ventures.com.
About Element Partners
Element Partners is a growth equity firm dedicated to investments in the energy and clean technology markets. Element invests in companies with solutions to global energy, resource and environmental problems. www.elementpartners.com.
About Blue Run Ventures
Launched in 1998, BlueRun Ventures is an early stage venture capital fund with over $1 billion under management. BlueRun Ventures is headquartered in Menlo Park, California, with offices in Beijing, Shanghai, Seoul, Helsinki, and Mumbai. www.brv.com.
