Inverter start-up to quadruple 2011 sales

The Toledo-area start-up, a client of venture capitalist Rocket Ventures, says it completed its first year in business with more than USD$850,000 in sales. As a result, it expects to reap over four times this amount in the coming year.

It adds that it is currently looking for a new facility, in order to meet its projected growth in both inverter production and employment.

According to Rocket Ventures, which invested USD$675,000 in the company, Nextronex’s first-year sales numbers exceeded any other start-up client in its history.

The company supplied inverters to a number of projects last year, including the Ohio Air National Guard’s one megawatt (MW) solar field in Swanton, a solar array at Pilkington North America’s research and development facility in Northwood, and a solar panel project at the Toledo Museum of Art. Additionally, the company was involved in a one MW solar field in Thailand.