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Petra Solar Announces $40M Growth Financing

SOUTH PLAINFIELD, NJ-The company plans to hire another 30 executive and professional employees.

By Alyson Grala | Updated on February 09, 2010

SOUTH PLAINFIELD, NJ-Petra Solar, Inc. has raised $40 million in funding for expansion. Two new investors, Craton Equity Partners and Espírito Santo Ventures, led the latest round with 100% participation from existing investors, Element Partners, Blue Run Ventures, OnPoint Technologies and Kuwait’s National Technology Enterprises Company.

“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.

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