PVT Solar Obtains $13.7 Million in Series B Round of Financing

PVT Solar, a Berkeley, California company that designs, manufactures, and markets the Echo solar system, recently announced that it closed a $13.7 million Series B financing round. Sigma Partners led this round of financing and was joined by Khosla Ventures and Energy & Environment Investment, Japan. In 2009, Khosla Ventures led PVT Solar's initial round of financing. The following video illustrates the company's Echo system.

PVT Solar also announced that Vikas Desai has been appointed CEO. Desai was previously vice president and general manager of SunPower Corporation's residential and light commercial business unit, which he grew to $1 billion in annualized revenues.

"The Echo solar system is the best solar solution available to homeowners today, it is a game changing technology," said Fahri Diner, managing director, Sigma Partners. "We're impressed that the Echo solar system has achieved significant traction in the market so quickly, and that PVT Solar has secured Meritage Homes, Joseph Carl Homes, and other leading homebuilders as customers. Additionally, Vikas Desai's management and engineering expertise — and that of his team — will help ensure PVT Solar's continued steady growth."

"PVT Solar is extremely focused on delivering a superior customer experience," noted Desai. "To that end, we've added two key individuals with a proven track record in this area. Steve Walden (previously with Masco Corporation) is PVT Solar's new director of national sales, and Mike Harshfield (previously with McDonald's) has been named director of field operations. These hires will enhance PVT Solar sales, channel development, field operations and installation efforts — generating sales, driving deployment, and accelerating adoption of Echo solar energy systems."

"We've built a team with a successful track record of innovation and achievement," said Desai. "We're very proud to be adding such outstanding professional talent and acumen to our team as we scale up our operations and accelerate our growth to meet the increased demand for Echo."