Wednesday, June 10, 2009

PV Powered Raises More Funding

Bend, Oregon-based PV Powered, a manufacturer of solar power inverters, announced Tuesday that it has received millions in debt and equity financing from Evans Renewable Holdings II LLC. The specific amount of the multimillion-dollar investment was not disclosed. PV Powered said the money will fund an aggressive expansion strategy that includes developing new products and hiring additional workers. According to a regulatory filing by the firm's attorneys, the funding round was worth $1.3M, and is part of an overall $7.6M funding round; a spokesperson for the firm would not confirm details, and was not aware of the filing. The privately held, Bend, Ore.-based company's inverters transform energy from photovoltaic arrays into electricity that can be used to power homes and businesses. Evans Renewable Holdings is headquartered in Vancouver, Wash., and is owned by the principals of JH Kelly, a family-owned construction company providing industrial general contracting services. More information »