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Category: GreenVolts

Environmental Business Cluster to Present “The Road to $30M and Beyond: A Cleantech Story” on June 16 (Discount Available)

Environmental Business Cluster (EBC)

On June 16, the Environmental Business Cluster (EBC) will present a program entitled "The Road to $30M and Beyond: A Cleantech Story."  This program will focus on the solar company GreenVolts and will cover the following:

GreennVolts, a leader in concentrating photovoltaic (CPV) technology, has raised $45 MM in financing including $30 million in Series B funding from Oak Investment Partners in September 2008. Meet the key players including GreenVolts' Founder & Executive Chairman, the CEC who identified GreenVolts as a prime candidate for commercialization and the representative from the CPUC who approved the deal with PG&E. Learn about the company's evolution, how the investment climate has changed since the downturn of the economy and how companies like GreenVolts are turning towards partnerships and alternative sources of funding for future technology development. In addition learn and how the CEC and CPUC are evaluating new concepts and power projects across California.

Panelists for this event include:

This event will take place from 3:00 pm - 6:30 pm at Silicon Valley Capital Club, 50 W. San Fernando, Suite 1700, San Jose, CA 95113.  Discounted tickets are available for Green VC readers — please select the "Partner" option from the event registration page.

GreenVolts Receives $30 Million in Series B Funding from Oak Investment Partners


GreenVolts, a San Francisco-based company founded in 2005 to deliver solar power at costs competitive with that derived from fossil fuels, announced on Monday that it received $30 million in Series B financing from Oak Investment Partners.  The company said that it will use the funds to continue building its organization, accelerate research and development, and scale capacity for anticipated 2009 deployments. Some of the funds will also be used for its GV1 project, the world’s largest non-silicon concentrating photovoltaic (CPV) power plant built as part of its agreement with Pacific Gas & Electric. The first megawatt of GV1 will be delivered later this year.

"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."

"GreenVolts has quietly built a company and a technology that will alter the playing field for solar energy," said Brian Hinman, Venture Partner of Oak Investment Partners. "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."

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