Borrego Lands $14M In Venture Financing

Feb 9 2009 | 9:30am ET

California’s Borrego Solar Systems Inc. has secured $14 million in venture financing.

The capital will be used to fuel geographic expansion and support the next phase of corporate growth. The money will also fund expansion of Borrego’s commercial and government design and installation operations in the Mid-Atlantic region and develop new integrated solutions to reduce overall system cost and speed return on investment.

Borrego Solar ended 2008 with $60 million in revenue and more than $90 million in contracts. The company has installed solar systems on schools, affordable housing communities, grocery and retail businesses as well as town and municipal facilities in California and New England.

In related news, John Robert Wallace and Stan Chang are joining Borrego Solar’s board of directors. Wallace has extensive experience in executive positions in solar, electric drive train and battery technologies at companies including Xantrex and Ford Motor Company.

 


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