News

24 September 2008

 

GreenVolts secures $30m Series B funding

CPV systems maker GreenVolts Inc of San Francisco, CA, USA has secured $30m in Series B funding from Oak Investment Partners. GreenVolts says it will use the funds to continue to build out its organization, accelerate its R&D, and scale capacity for anticipated 2009 deployments. A portion of the funds will also be used for the firm’s GV1 project, the world’s largest non-silicon CPV power plant (which broke ground earlier this year in Byron, CA) built as part of its agreement with Pacific Gas & Electric. The first megawatt of GV1 will be delivered later this year, says GreenVolts.

“We will soon be generating energy from the sun at what will be the world’s largest non-silicon CPV power plant,” said Bob Cart, founder and CEO of GreenVolts. “Having a partner like Oak that shares our vision for CPV is a great asset as we make the long-term decisions necessary to meet existing demand while continuing to innovate for the future.”

The plant will consist of the firm’s 3 kW two-axis CarouSol trackers, which track the sun as it moves across the sky and concentrates 625 times the sun’s energy onto the firm’s GaAs-based triple-junction solar cells. When completed in Q4/2009, the plant’s generating capacity is anticipated to be 3 MW.

Brian Hinman, venture partner of Oak Investment Partners, added: “We believe that over time the GreenVolts system can produce solar energy more efficiently and at a lower levelized cost than competing photovoltaic technologies, dramatically accelerating the adoption timeline for CPV systems.”

See related items:

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Fraunhofer ISE raises Euro PV efficiency record to 39.7%

NREL sets solar cell efficiency record of 40.8%

SolFocus installs first solar array for 3MW Spanish CPV project

GreenVolts raises $10m in Series A funding

Search: GreenVolts CPV systems Triple-junction solar cell GaAs

Visit: www.greenvolts.com