US

How Petra Solar Made New Jersey A Leader In The Solar Energy Industry

CIT

This is the third of the six-part “Inspired to Strive” series, in which business leaders of middle-market companies share their stories of success. “Inspired to Strive” is sponsored by CIT.

See more Inspired to Strive >>

Petra Solar is a solar energy technology company that pairs its “smart energy modules” with other vendors’ solar panels, creating a reliable, cost-effective solution to convert solar energy into electricity.

Rather than focusing on setting up solar panels and solar farms, the company has come up with unique technology to distribute and harness solar power gathered by the panels in the most optimised way possible.

Petra Solar’s “smart energy modules” are customised microconvectors that operate independently from a central control system and can react quickly to changing grid conditions.

Since its inception in 2006, the company has helped New Jersey become the second-largest U.S. producer of solar power, after California.

Petra Solar has inked a mammoth $200 million contract with PSE&G, the largest utility company in New Jersey, to distribute and install its solar energy solution all throughout the state.

It has also raised $54 million in financing – most of which is still sitting in the company’s bank account – and is currently expanding internationally into the Middle East.

Rachid Sefrioui, president of Petra Solar with years of experience in investing and in the solar energy field, explains how the company became the leader in the industry and what the future holds for solar energy in the video below.
 

//

Produced by Business Insider Video

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.