South Plainfield-based Petra Solar Inc. is the first business to be awarded funding under the state’s new Clean Energy Manufacturing Fund.
The fund, specifically designed to support companies looking to site or materially expand a renewable energy or energy-efficient product manufacturing facility in New Jersey, is designed to attempt to bolster the state’s role in establishing a green economy by ensuring companies have the financial resources they need to sustain, grow and prosper while addressing the goals of the state’s energy master plan.
Petra Solar received a total of $3.3 million through the fund to support the purchase of equipment and machinery and the planning and design process. This project will result in a total public and private investment of more than $7.6 million and the company expects to create 164 new jobs over the next two years.
Founded in 2006, Petra Solar designs, develops and manufactures electric power and power management products focused on the solar energy and smart grid markets. The company’s flagship product is the SunWave, which is described as a utility grade AC solar module that enhances the reliability of electric distribution systems by combining distributed solar generation with Smart Grid technology.
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