It is hard to believe that New Jersey, a state where only 3 in 8 days are sunny, is the second largest solar energy producing state, after California.
While New Jersey lacks California's large population and sunnier weather, the state has developed other strategies to harness solar power.
Petra Solar, a solar energy technology company that pairs its "smart energy modules" with other vendors' solar panels, has emerged as one of the success stories of the New Jersey's solar power revolution.
Instead of focusing on developing solar panels and solar farms, the company has come up with unique technology to distribute and control solar power gathered by the panels in the most optimized way possible.
It combines its smart-grid technology modules with traditional solar panels, which are mounted on roofs or even utility poles in 30 minutes, and works with utility companies rather than individual residential projects.
In 2009, Petra Solar has inked a mammoth $200 million contract with PSE&G, the largest utility company in New Jersey, to distribute and install its solar energy solution all throughout the state.
Rachid Sefrioui, president of Petra Solar with years of experience in investing and in the solar energy field, explains how the company became the leader in the industry, its expansion from Jersey to the Middle East, and what the future holds for solar energy in the video below.
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