Petra Solar, Inc., a South Plainfield NJ-based provider of pole mounted smart grid and solar systems for utilities, has raised $40m in funding.
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 (U.S. Army’s Venture Fund) and Kuwait’s National Technology Enterprises Company (NTEC).
The company 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, Petra Solar expects to employ 165 people, a ten-fold increase from its base of 15 last spring. The company is actively recruiting throughout the United States to support growth including but not limited to project developers, regulatory experts, account managers, engineers and manufacturing staff.