Privately held Borrego Solar Systems, which designs and installs solar power systems, said today it has received $14 million in venture funding to fuel its expansion into the Mid-Atlantic Region.
The contractor based in El Cajon, CA, (about 15 miles East of San Diego) currently installs rooftop photovoltaic systems on commercial, residential and government buildings, with six offices in California since 2001. It entered the New England market in 2007 after opening an office in Lowell, MA.
Borrego Solar was ranked No. 261 in Inc. Magazine’s 2008 list of fastest growing private companies, which was based on the company’s annual revenue growth—from $2.7 million in 2004 to $30.3 million in 2007. The company says its 2008 revenue doubled to $60 million, and it has more than $90 million in contracts.
A Borrego Solar spokesman declined to identify the source of the funding, saying only that it was provided by the venture arm of “a large, publicly traded firm.” In a statement released by Borrego Solar, CEO Aaron Hall says the additional funding, combined with the market expertise and operational experience of new board members John Robert Wallace and Stan Chang will be used to “capitalize on the immense business opportunity facing the company in 2009.”
Author: Bruce V. Bigelow
In Memoriam: Our dear friend Bruce V. Bigelow passed away on June 29, 2018. He was the editor of Xconomy San Diego from 2008 to 2018. Read more about his life and work here.
Bruce Bigelow joined Xconomy from the business desk of the San Diego Union-Tribune. He was a member of the team of reporters who were awarded the 2006 Pulitzer Prize in National Reporting for uncovering bribes paid to San Diego Republican Rep. Randy “Duke” Cunningham in exchange for special legislation earmarks. He also shared a 2006 award for enterprise reporting from the Society of Business Editors and Writers for “In Harm’s Way,” an article about the extraordinary casualty rate among employees working in Iraq for San Diego’s Titan Corp. He has written extensively about the 2002 corporate accounting scandal at software goliath Peregrine Systems. He also was a Gerald Loeb Award finalist and National Headline Award winner for “The Toymaker,” a 14-part chronicle of a San Diego start-up company. He takes special satisfaction, though, that the series was included in the library for nonfiction narrative journalism at the Nieman Foundation for Journalism at Harvard University.
Bigelow graduated from U.C. Berkeley in 1977 with a degree in English Literature and from the Columbia University Graduate School of Journalism in 1979. Before joining the Union-Tribune in 1990, he worked for the Associated Press in Los Angeles and The Kansas City Times.
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