SOURCE: Standard Solar, Inc.

October 09, 2008 14:16 ET

Standard Solar Raises $8.5 Million to Fund Expansion; Meet Growing Demand for Residential and Commercial Solar Energy Systems

Capital Infusion Comes Despite Turmoil in Financial Markets

GAITHERSBURG, MD--(Marketwire - October 9, 2008) - Standard Solar, Inc., the Mid-Atlantic region's premier, turnkey provider of solar energy systems, has raised $8.5 million to fund geographic expansion and scale up the company's ability to meet growing demand in its targeted residential and commercial markets.

"We have fine-tuned our business strategy over the past several months and are poised to execute on it," said Anthony Clifford, Standard Solar's President and Chief Executive Officer. "This new funding could not have come at a better time. It allows us to take immediate advantage of the historic solar tax credit legislation just passed by Congress and signed into law by President Bush."

Most of the money is to be used to scale up the company's marketing initiatives and its ability to meet the growing demand for residential photovoltaic installations and small to mid-size commercial systems for businesses, schools, government agencies and other organizations. This funding also enhances the financial, operational and customer service capabilities needed to support this expansion.

Truecast Capital of Middleburg, Virginia completed the second-round of company financing with investments from several private and institutional investors despite turmoil in financial markets. At the start of 2008, Standard Solar employed 12 persons -- today it employs 42 -- and expects to complete its senior management team in the very near future. The company began commercial operations in June 2006.

This past summer, Standard Solar completed the installation of more than 800 high-efficiency solar panels manufactured by SunPower Corporation atop the headquarters of the U.S. Department of Energy in Washington, DC. Currently one of the largest solar systems in the region, this 205 kilowatt array generates up to 222,000 kilowatt hours of electricity per year and offsets 270 tons of carbon dioxide and other greenhouse gases annually.

About Standard Solar, Inc.:

Standard Solar is a full-service, turnkey solar system developer and integrator specializing in residential and commercial solar power installations. It is one of the growing number of Maryland-based companies positioned to meet the growing demand for clean technologies and renewable sources of energy. For more information, please visit: www.standardsolar.com

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