Petra Solar announced 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’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.”
