The money was invested by Craton Equity Partners as part of a $40 million equity that includes a number of other companies such as Element Partners, BlueRun Ventures, and OnPoint Technologies.
The investment will go towards Petra's SunWave UP solar panel system series, which are designed to mount easily on utility and streetlight poles. Once installed, the panels can provide solar energy directly into a power grid. The panels are a result of a $200 million contract signed in 2009 with PSE&G.
Petra Solar is creating jobs and providing clean, renewable energy to Americans," said Craton's managing partner Tom Soto. "The company's highly distributed solar and smart grid solution is at the forefront of a wave of clean technologies that address unemployment and energy demands in struggling communities head on."
Dr. Shihab Kuran, Petra's CEO and president, added that the investment from Craton would help them continue to develop renewable energy technologies and produce "reliable, clean energy and green jobs."
