PV Powered Set for New Growth

Solar inverter

Privately-held PV Powered, a solar inverter manufacturer in Bend, Oregon, is set for new growth.  The company can thank not only generous government tax credits for clean energy, but also a multimillion-dollar investment recently.  Its CEO, Gregg Patterson is predicting that PV Powered could double or triple in size in a mere 2 years.

As a resident of Central Oregon, I witnessed, first hand, the buzz that resulted from then-candidate Obama’s stop at PV Powered in spring 2008.  Obama toured the facilities and made a stirring speech about renewable energy that many believe catapulted him forward in the hotly-contested Democratic race.

So what is going on now at PV Powered?  First, and perhaps most importantly, they’re hiring!  Recently, the company added a few additional employees to its workforce of about 55.  Now, they plan to hire approximately 10 more to meet additional demand for its solar inverter product.

Second, there is reason for optimism about the new growth of PV Powered.  Some analysts are predicting 5-fold increases in the solar market by 2011.  Because the products of PV Powered are so highly respected, it can ride the coat-tails of renewable energy expansion fairly well.

New growth in the pv-powered industry

Here in Central Oregon, in particular, news about solar industry growth is especially welcome.  Unemployment rates vary regionally from 16-20%.  PV Powered is predicting that, one day, it could be the area’s largest employer.

The success of this company is due in considerable part to its products.  Right now, it is working on a 260-kW inverter that is able to process solar energy for 50 homes.  It also has developed embedded software that converts DC to AC, which can then be fed into the electrical grid.

PV Powered also is experiencing growth due to a deal with Kyocera, the extension of the federal solar investment tax credit last year, the stimulus bill, and the aforementioned multimillion dollar investment, by Evans Renewable Holdings II, LLC.  Stated one of Evans Renewable Holdings’s principals, Mark Fleischauer:

“Over the last 18 months, we’ve invested multimillions (in PV Powered) and now have committed more so they can fully reap the benefits of the stimulus package.  We like their technology, we think they’ve got the best product on the market, have a tremendous management team and think they are very focused now on what they need to do to capitalize on the marketplace.”

Now is a great time to invest in solar!  Regardless of whether you live in Oregon, or use PV Powered’s solar inverters, did you realize that by installing solar panels on your home, you’ll have a 7-12% return, which is better than putting your cash into a CD?

With that kind of success, no wonder PV Powered is set for new growth!

Tags: evans renewable holdings, growth in the solar market, kyocera, pv powered, solar energy systems, solar inverters