Petra Power, one of Northeast Ohio’s first homegrown energy companies, will celebrate the grand opening of the Company’s new headquarters in Solon, Ohio, on October 24, 2023. This event represents an important step in Petra Power’s mission to bring low-cost, high-efficiency power solutions to market. It also marks a significant milestone in the state of Ohio’s commitment to manufacturing products in Ohio that create a more reliable and secure grid. In the first 24 months, Petra Power aims to create 20 new jobs with a projected $2 million in new payroll, benefiting the local economy.
“We are honored that the Petra Power team selected Solon Ohio for its headquarters. Businesses that innovate and accelerate the development, production and commercialization of cleaner, more efficient power solutions are exactly what we want. We are so proud to have Aaron, Phillip and their team as part of our growing and thriving business community,” says said Angee Shaker, economic development director for the City of Solon.
Petra Power was founded in 2017 with the mission of reducing fuel costs, improving fossil fuel efficiency, and helping the energy sector seamlessly transition to clean fuels such as hydrogen. The company relocated to Northeast Ohio due in large part to the access to resources available in the region. Petra Power considers BRITE, NASA Glenn Research Center, and the economic development organizations across the region and state as invaluable partners on their road to success. Petra Power joined BRITE’s cleantech ecosystem, which provided them access to lab space, expertise, and direct mentorship to grow, and recognizes the critical role this type of organization plays in advancing the clean energy economy.
The team at Petra Power is humbled and ecstatic about what the grand opening of their new headquarters means for the energy and manufacturing ecosystems in Northeast Ohio.
“The opening of our new facility in Solon is a critical step in our pursuit of widespread Solid Oxide Fuel Cell (SOFC) adoption. It will allow Petra Power to expand our team, accelerate our product development, and eventually achieve the Company’s objectives of reducing fuel costs and emissions for our customers. We cannot speak highly enough about BRITE, the City of Solon, and other state and local agencies that have helped us reach this point. We believe that this accomplishment is not just a reflection of the countless hours and hard work that our Founders and Employees have put in, but also a testament to the commitment that the State of Ohio and regional organizations have made to attracting and retaining new industry in the State. It is largely because of that commitment that Petra Power will be able to bring many new, long-lasting, and well-paying jobs to the region and why we hope to continue to grow our business in Ohio in the future,” said Aaron Goodman, CEO of Petra Power
“Many entrepreneurs in this sector, especially those in hard tech with longer timelines to reach viability in their business model than software startups, face the funding ‘valley of death’ that’s difficult to overcome. BRITE helped us navigate this perilous period and reach the position we are in today. Without the help of dedicated, statewide and regional organizations building new companies centered around advanced technologies, like Petra Power, would be nearly impossible.”
With continued growth happening across Ohio’s energy ecosystem, BRITE President & CEO Rick Stockburger couldn’t be happier with the success that Petra Power has seen since relocating to Ohio. Stockburger says “BRITE seeks to find great companies building innovative products that can solve climate change while creating good-paying jobs and economic growth in our communities. We absolutely found that in Petra Power and are proud to have them in our Northeast Ohio ecosystem.”
The successful incubation of Petra Power at BRITE supports Ohio’s objective to create and retain Industry 4.0 jobs. By increasing business diversity and propelling the region further into Industry 4.0, the hope is Petra Power’s presence will serve as a catalyst for future collaborations, attracting more companies and solidifying the state’s niche in clean energy.
To identify the site for their new Headquarters, Petra Powered worked alongside Youngstown-based commercial real estate developer Tipping Point.
“While searching for Petra’s new headquarters, we discovered the intricacies of aligning an existing building, utility infrastructure, and the unique operational needs of a cleantech company like Petra Power,” said Jim Ambrose, President of Tipping Point.
“The success of this project wouldn’t have been possible without the help of our brokerage firm SVN Summit; landlord, Davis Development Group; design partners Desmone and TecInc; and contracting partners, JPS, Xycom, Allied and WSI Office. Together, we have successfully defined an efficient roadmap to navigate commercial real estate that can continue to foster transformative change, innovation, and growth for companies like Petra Power.”