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."
For more information:
- GreenVolts – Home page
- GreenVolts Closes $30 Million From Oak Investment Partners in Series B Financing (September 22, 2008)
- GreenVolts Secures $10 Million Series A Financing (October 30, 2007)