19 December 2011

GreenVolts raises $35m in funding

As part of a $35m financial round raised by concentrating photovoltaic (CPV) system maker GreenVolts Inc of Fremont, CA, USA that includes existing GreenVolts investor Oak Investment Partners, global power and automation technology group ABB of Zurich, Switzerland is to invest about $20m in exchange for a substantial minority stake.

Made through ABB’s venture capital arm ABB Technology Ventures, the investment gives ABB access to GreenVolts’ proprietary technology and enables it to offer turnkey solutions for CPV power plants in addition to its existing capabilities in solar thermal and conventional photovoltaic power plants.

GreenVolts says that its CPV system is more efficient than traditional photovoltaic and thin-film modules. By optimizing and integrating field-proven, high-performance components such as proprietary optics and tracking technology into a complete system, energy yields can be 30-40% higher than traditional panel-based systems.

“Every component was carefully designed to work together in a turnkey solution that dramatically reduces the cost and complexity of solar projects,” says GreenVolts’ president & CEO David Gudmundson. “With ABB’s global presence and expertise, these benefits will now be available to customers worldwide,” he adds.

“The technology combines simplicity and precision with unmatched performance, fast installation, easy operation and low cost of production,” comments Peter Leupp, head of ABB’s Power Systems division. “Our extensive footprint, which covers all key solar markets in the world, will help us to make this technology globally accessible,” he reckons.

GreenVolts solar systems are designed to meet the operational requirements of a wide range of applications for utilities and industries as well as commercial, agricultural, and public sector customers. The technology complements ABB’s recent acquisition of a stake in Novatec Solar, a provider of linear Fresnel concentrating solar power technology.

ABB’s portfolio for the photovoltaic industry comes from across the entire spectrum of ABB’s power and automation technologies and services and includes solar inverters, components for module tracking systems, low-voltage components and accessories, products and solutions for solar module and cell manufacturing plants, as well as for total solar fields and grid connections.

Tags: GreenVolts CPV

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Visit: www.greenvolts.com