Petra Solar Raises $14 Million

Petra Solar, a Green Brook, N.J.-based developer of power electronics for solar energy systems, has raised $14 million in Series A funding. DFJ Element and BlueRun Ventures co-led the deal, and were joined by National Technology Enterprises Company.

PRESS RELEASE:
Petra Solar (www.petrasolar.com), a developer of power electronics for solar systems, announced today that it has raised $14 million Series A financing round led by DFJ Element and BlueRun Ventures. National Technology Enterprises Co. also participated. The investment will be used for product development and global market expansion.

Petra Solar focuses on increasing efficiencies and significantly reducing the cost of installed solar electric systems through the introduction of innovative power electronics.  The company has a strong IP position. Petra's founding team boasts significant experience in power electronics innovation as well as product development and commercialization.

Petra Solar's founders, led by Shihab Kuran, Ph.D. have extensive semiconductor/solar experience. Shihab held various executive positions at industry leading semiconductor companies. Most recently, he was VP of Development for the Analog Products Group (APG) at Fairchild Semiconductor, where he was responsible for  managing the company's strategic direction for highly integrated power devices .Petra's founding team has hundreds of publications and over 20 issued and pending U.S. patents in solar and power electronics.

“We are really excited about the broad opportunities that Petra Solar's products can address. Petra Solar's innovative products provide truly modular and scalable PV systems. Such systems have higher efficiency, better reliability and simplified Balance of System (BOS) in addition to easier maintenance.” said David Lincoln, Managing Director, DFJ Element.

“Petra Solar has a unique IP, strong market position and Shihab and his team have the blend of scientific know-how and market experience to make a commercially viable breakthrough in solar systems, and we are proud to support their vision”, said Sujit Banerjee, Partner, BlueRun Ventures.

“This investment will help Petra Solar complete its product development and engage with customers” said Shihab Kuran, Ph.D., President and CEO of Petra Solar. “In addition, DFJ Element, BlueRun Ventures and our other new investors will all bring tremendous business and clean tech experience – as well as a global presence – to help us execute on our strategic business objectives.”


About Petra Solar
Petra Solar focuses on increasing efficiencies and significantly reducing the cost of installed solar electric systems through the introduction of innovative power electronics.  Petra Solar is introducing intelligent, digitally controlled, distributed and scalable products that manage power out of solar modules and into the grid, batteries and loads. Solar Electric systems built with Petra Solar's products have higher efficiencies and are much easier to design, build, maintain and scale. Petra Solar's products benefit from innovative product definitions, semiconductor components, and a robust system architecture and control. The company has a strong IP position. Petra's founding team boasts significant experience in power electronics innovation as well as product development and commercialization. For more information, visit www.petrasolar.com.

About BlueRun Ventures
Launched in 1998, BlueRun Ventures is a leading early stage venture capital fund. BlueRun Ventures' proven approach is to invest globally as a single fund in best-of-breed technologies and teams with the drive and ability to build leading global companies. BlueRun Ventures is headquartered in Menlo Park, California, with offices in Helsinki, Herzelia, Mumbai, Seoul, and Shanghai. For more information, visit www.brv.com.

About DFJ Element
DFJ Element is a leading venture capital fund investing in clean technology. Element invests in emerging companies bringing innovative solutions to environmental and resource constraints in energy, water and other large industrial and commercial markets. Launched in 2005 by Element Venture Partners in partnership with leading global venture capital firm Draper Fisher Jurvetson, DFJ Element is managed by the industry's most experienced group of dedicated clean technology investors. The Element principals have invested more than $225 million in over 40 companies in the clean technology sectors. For more information, send queries to info@dfjelement.com.