Reporter-St. Louis Business Journal
Rick Hunter, CEO of St. Louis-based Microgrid Solar, has big plans for next year.
Between now and the middle of 2014, he is adding 30 or more employees to his existing staff of 40. His company plans to spend $3 million to $5 million to open three new locations next year, two in the Midwest and one on the East Coast, he said, although he declined to specify exact locations.
“We’re basically making a transition from a small- to medium-sized business with adding an executive team and board of directors,” he said.
Hunter said the company is in the process of raising private equity capital to fund the expansion.
Microgrid, which has offices on North Meramec Avenue in Clayton and on Lakefront Drive in Earth City, builds residential and commercial solar projects and also installs wind turbines and electric vehicle charging stations.
The 30 new employees will fill spots in the office and field, and include executive positions like chief financial officer, vice president of operations, vice president of business development and vice president of marketing.
Nationally, demand for solar energy is up. In the first quarter, installations of photovoltaics, which convert sunlight to electricity, totaled 723 megawatts, up 33 percent from last year’s quarter, according to the Solar Energy Industries Association trade group.
“We’re excited that we’re a Missouri company that’s growing beyond Missouri,” Hunter said. “There are so many markets where solar makes sense.”
Hunter founded the company in 2009. He expects Microgrid to bring in at least $21.6 million in revenue this year, double its 2012 revenue of $10.8 million and a jump from the $500,000 it recorded in 2010.
Source: St. Louis Business Journal