Craton’s investment is part of a $40m equity round that also includes Element Partners, BlueRun Ventures, OnPoint Technologies, and NTEC – all previous investors – and Espirito Santo Ventures. This is Craton’s first investment in Petra Solar.
Tom Soto, managing partner of Craton, said: “Petra Solar is creating jobs and providing clean, renewable energy to Americans. The company’s highly distributed solar and smart grid solution is at the forefront of a wave of clean technologies that address unemployment and energy demands in struggling communities head on.”
Shihab Kuran, CEO and president of Petra Solar, said: “The Petra Solar management team is very pleased to have Craton Equity Partners as investors, especially given their experience in cleantech growth investing and their expertise in the regulated energy sector.
“Petra Solar has a proven model for green job creation, including installation and manufacturing jobs that are local to system deployment. We are very gratified that our business interests line up directly with the public’s interest in producing reliable, clean energy and green jobs.”
Petra Solar’s core technology is the SunWave UP series solar panel systems primarily designed for use on streetlight poles. The company is currently fulfilling a $200m contract it received last year from PSE&G.
