PVT Solar Inc., the creator of the Echo solar energy system, has closed a $13.7 million Series B financing round. Sigma Partners led the close of this latest round of financing, joined by Khosla Ventures and Energy & Environment Investment, Japan. In 2009, Khosla Ventures led PVT Solar's first round of financing.
In addition, the company has appointed Vikas Desai CEO. Desai was previously vice president and general manager of SunPower Corp.'s residential and light commercial business unit, which he grew to $1 billion in annualized revenues.
The company's Echo product supplements conventional solar electric PV panels with a solar thermal technology that captures the heat from the PV panels. Echo generates electricity, heats water and provides thermal energy for heating and cooling, the company says.
SOURCE: PVT Solar