Having designed and developed a pole-mounted solar system, Petra Solar has raised US$40 million in new finance to fund its growth plans. The company said it would expand its customer base, with plans to hire another 30 executive and professional employees immediately and expects to employ 165 people by the end of the year as demand for its product gathers momentum. Craton Equity Partners and Espírito Santo Ventures led the latest round of funding. Previous investors also contributed.
“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 said that it would also 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.