"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," says Sujit Banerjee of Element Partners and BRV.

Petra 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.

Petra Solar's SunWave provides smart grid communications capabilities across PSE&G's service territory in New Jersey. The company also plans to 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.