on Borrego’s sales growth of 754.4 percent from 2005 to 2008. Inc. also named Aaron Hall as the No. 1 entrepreneur in its 2008 list of the “Top 30 Entrepreneurs Under 30.”
Over the past few years, Borrego Solar has undergone even more significant changes:
—Aaron made his older brother Mike CEO, and stayed on as president of the company. Mike Hall, who was trained as a chemical engineer, was a product development engineer at Applied Materials in Santa Clara, CA, before joining Borrego as a partner in 2002. In addition to expanding the company’s operations in Northern California by establishing a Borrego office in Berkeley, Mike focused primarily on the sales and marketing of commercial and government grid-tied solar power systems.
—Borrego Solar took outside funding for the first time last year, securing $14 million in what the company called “venture financing” in February, to help expand its business into the Mid-Atlantic region and develop lower cost systems. Borrego, which opened an office in Lowell, MA, in 2007, later revealed the funding came from Walsin Lihwa, a Taiwanese manufacturer of cable, insulated electric wire, ceramics, and other products.
—As part of its recapitalization, Borrego announced a strategic change in focus, saying it was selling its residential solar installation business to groSolar of White River Junction, VT. Borrego said it plans to focus its business on larger solar PV installations (100 kilowatts to 2 megawatts) for commercial buildings, schools, and other “public sector opportunities.”
—In August, Borrego announced it had established a new financing option, known as a power purchase agreement (PPA), which enables
