News & Press Releases

PV Powered Receives Significant Financial Commitment to Fund Growth and Invest in Future
US grid-tied inverter company prepares to expand facilities and launch new commercial inverter

Bend, ORE - June 9, 2009

PV Powered, Inc., the largest US maker of grid-tied photovoltaic solar inverters and industry leader in inverter reliability, announced that it has received a multimillion-dollar investment from a Vancouver, Washington-based investment group, Evans Renewable Holdings II LLC – the principals of JH Kelly LLC, an 85-year old commercial/industrial construction company. The new funding will allow PV Powered to capitalize on the rapidly growing solar energy marketplace which could result in doubling or tripling the company’s size in the next two years.

The investment comes at a time when the solar industry is experiencing strong growth. “Over the last 18 months we’ve invested significantly in PV Powered, and this latest infusion of capital demonstrates our commitment to the company for the future and this industry segment as a whole,” said Mark Fleischauer, a principal of Evans. "We like their technology, and we think they’ve got the best product on the market. PV Powered has a tremendous management team, and they are focused deeply on the needs of their customers, which is exactly what they need to do to capitalize on the expanding marketplace."

The Evans investment provides PV Powered with the working capital required to rapidly expand the company including hiring additional human resources, investing in technology, developing the next commercial and utility scale products and providing enhanced support to existing customers. The financial and strategic backing of Evans and JH Kelly will give customers the confidence they have been looking for to make PV Powered their strategic partner for grid-tied inverters.

"The Evans family has a passion for renewable energy. Their dedication to the industry and their financial commitment to the company provide us with the balance sheet we need," said Gregg Patterson, CEO of PV Powered. "We are now financially well positioned to keep pace with the growth in the market and to create a company like JH Kelly that will serve customers for decades."

About PV Powered

Founded in 2003 and based in Bend, Oregon, the privately funded company designs, manufactures and markets the solar industry's most efficient photovoltaic solar inverter solutions. With thousands of its products in use nationwide, PV Powered is the largest inverter manufacturer in the U.S. and brings together one of the most experienced design teams in solar power electronics.

About JH Kelly

JH Kelly LLC is a fourth generation, 85-year old, family-owned construction company that self-performs industrial general contracting services at process plants and provides commercial mechanical services at facilities throughout the greater Pacific Northwest. Their project teams are made up of great people and their ability to plan and execute challenging projects has resulted in a loyal customer following and national safety awards. Kelly employs approximately 1000 crafts men and women in the Pacific Northwest and has annual revenues in excess of $300MM.

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Media Contact:

Erick Petersen
PV Powered
Ph: 541-312-3832