PVT Solar, a US-based developer of solar power technology, has raised $13.7m in its series B round and hired Vikas Desai as chief executive.
Venture capital firm Sigma Partners led the round as a new investor, and was joined by peers Khosla Ventures and Energy & Environment Investment. Japan-based Energy & Environment is backed by cornerstone limited partners Mizuho Securities and SBI, two local financial conglomerates.
Khosla had previously seeded PVT with an undisclosed sum in 2008.
Desai was previously vice president and general manager of US-based SunPower’s residential and light commercial business unit, which has $1bn in annual revenues.