Feb 9 2010
A leading clean technology fund based in California, Craton Equity Partners, has made a commitment to invest $15 million in Petra Solar, a provider of solar energy and smart grid communications to utilities.
SunWave UP Series solar panel systems incorporates Petra Solar's core technology and is mainly planned for use on utility and streetlight poles. The system is easy to mount safely and quickly and is capable of delivering power to the grid directly. Petra Solar is at present executing a $200 million contract it had received from PSE&G last year. PSE&G is the largest publicly owned utility in New Jersey.
This commitment to Petra Solar is Craton Equity Partners’ first investment in the company and is a part of the Craton's $40 million equity round that includes previous investors OnPoint Technologies, BlueRun Ventures, Element Partners, NTEC and new investor Espirito Santo Ventures.
Tom Soto, Craton managing partner, said Petra Solar in addition to providing renewable energy to people of America also is creating jobs in the country. Soto commented that the company’s advanced clean technologies helps to address the unemployment problem as well as to meet the energy demands in struggling communities.
According to Craton managing partner Bob MacDonald Petra Solar’s systems incorporate innovative technologies and do not require long transmission lines. The systems also occupy small footprint in desert areas.
Source: http://www.petrasolar.com