PV Powered Receives Significant Financial Commitment

June 15, 2009 by Jeff Shepard

PV Powered, Inc. announced that it has received a multimillion-dollar investment from Evans Renewable Holdings II LLC – the principals of JH Kelly LLC, an 85-year old commercial/industrial construction company. PV Powered says the new funding will allow it to capitalize on what it describes as the rapidly growing solar energy marketplace which could result in doubling or tripling the company’s size in the next two years.

"Over the last 18 months we’ve invested significantly in PV Powered, and this latest infusion of capital demonstrates our commitment to the company for the future and this industry segment as a whole," said Mark Fleischauer, a principal of Evans. "We like their technology, and we think they’ve got the best product on the market. PV Powered has a tremendous management team, and they are focused deeply on the needs of their customers, which is exactly what they need to do to capitalize on the expanding marketplace."

The Evans investment provides PV Powered with the working capital required to rapidly expand the company including hiring additional human resources, investing in technology, developing the next commercial and utility scale products and providing enhanced support to existing customers. The company feels that the financial and strategic backing of Evans and JH Kelly will give customers the confidence they have been looking for to make PV Powered their strategic partner for grid-tied inverters.

"The Evans family has a passion for renewable energy. Their dedication to the industry and their financial commitment to the company provide us with the balance sheet we need," said Gregg Patterson, CEO of PV Powered. "We are now financially well positioned to keep pace with the growth in the market and to create a company like JH Kelly that will serve customers for decades."