SOURCE: PVT Solar, Inc.

PVT Solar, Inc.

September 28, 2010 09:40 ET

PVT Solar, Inc. Names Vikas Desai CEO, Raises $13.7 Million and Strengthens Team

BERKELEY, CA--(Marketwire - September 28, 2010) -  PVT Solar, Inc. the creator of Echo™, a revolutionary new solar energy system that delivers twice the energy of a basic solar electric system, has appointed Vikas Desai as 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.

Additionally, PVT Solar announced that it has recently closed a $13.7 million '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 initial first round of financing.

"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."

Joining CEO Desai and PVT Solar co-founders Josh Plaisted (previously lead designer at SunEarth) and Gordon Handelsman (previously vice president of marketing at Shell Solar) are several key professionals charged with advancing Echo's patented technology. They include Ian Smith, director of product development, Ram Narayanamurthy, chief science officer, and Wade Albritton, director of mechanical systems. Smith, Narayanamurthy, and Albritton are experts in building energy management and thermal energy systems and hold over 120 patents between them. 

"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."

About PVT Solar, Inc.
PVT Solar, Inc. designs, manufactures, and markets the Echo solar system. Echo supplements conventional solar electric PV panels with a unique solar thermal technology that captures the heat from the PV panels. Echo generates not only electricity, but also hot water for washing and bathing, and thermal energy for home heating and home cooling. PVT Solar headquarters are in the San Francisco Bay area, California. For more information, please visit www.pvtsolar.com.

About Sigma Partners
Founded in 1984, Sigma Partners has invested in over a hundred early stage companies. With roots firmly planted in operational experience, Sigma's unique culture of collaboration has flourished for over 20 years. Because the mastery of business operations requires an understanding of how all the pieces of a business fit and work together, Sigma's partners apply their diversity of experience in collaborating to get the best business results. www.sigmapartners.com

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