PVT Solar hails new CEO, closes USD 13.7m financing round

(ADPnews) - Sep 29, 2010 - US solar tech provider PVT Solar Inc has appointed a new chief executive officer (CEO) and has raised USD 13.7 million (EUR 10.1m) in its latest financing round as it seeks to advance its Echo patented technology.

Vikas Desai was named the company's chief executive after serving as vice president and general manager of SunPower Corp's (NASDAQ:SPWRA) residential and light commercial business unit, which he scaled up to USD 1 billion in annualised revenues.

PVT Solar's "B" financing round was led by Sigma + Partners and was joined by Khosla Ventures and Energy & Environment Investment, Japan. In 2009, Khosla Ventures led the company's initial round of financing. No details were released about what the proceeds will be spent on.

PVT Solar welcomed aboard a few other key professionals including Ian Smith, director of product development, Ram Narayanamurthy, chief science officer, and Wade Albritton, director of mechanical systems. All three are experts in building energy management and thermal energy systems and hold over 120 patents between them.

Echo is a solar energy system that allows homeowners to capture and use more of the sun's energy than a basic solar electric system, according to the developer. Echo supplements conventional solar PV panels with a unique thermal solar technology that captures the waste heat from the PV panels and uses it to provide hot water and space heating.

(USD 1.0 = EUR 0.736)

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