Borrego Solar Systems Inc., a designer and installer of grid-tied solar electric power systems, has secured $14 million in venture financing to fuel a major geographic expansion and to support its next phase of corporate growth.
The company says it will use the round of financing to expand its commercial and government design and installation operations into the Mid-Atlantic region and to develop new, low-cost integration solutions that will reduce overall system cost and ultimately speed return on investment for its customers.
In addition, solar industry veterans John Robert Wallace and Stan Chang have joined the company's board of directors. Wallace has more than two decades of experience in executive positions in solar, electric drive trains and battery technologies, at companies including Xantrex and Ford Motor Co.
Chang serves as an executive and board member at major corporations in solar module production, polysilicon manufacturing, and chemical distribution and manufacturing. He has more than 30 years of engineering and executive experience.
SOURCE: Borrego Solar Systems