GreenVolts, which is developing concentrating photovoltaic technology and wholesale distributed energy, has secured $10 million in Series A funding.
The company also announced its CarouSol tracking system has begun to generate energy at Avista’s Clean Energy Test Site, and is on track for deployment of its GV1 plant in late 2008.
Pacific Gas & Electric Company selected GreenVolts to build GV1, a 2MW plant that will be the world’s largest concentrating PV plant. The first phase should be completed by late 2008.
Greenlight Energy Resources led the investment round in Greenvolt.
“Our investment threshold begins with applications that will advance the adoption of renewable energy. GreenVolts’ technology will enable utility-scale solar near the point of use at competitive prices – an important milestone for solar applications,” said Jim Trousdale, Director of Greenlight Energy Resources, Inc. “GreenVolts brings all the major pieces together – a next-generation technology, customer traction, and an experienced management team to grow the business.”
GreenVolts CarouSol tracking system concentrates 625 times the sun onto its solar cells, producing twice the energy at half the cost of conventional solar panels.
The system doesn’t require large tracts of remote land. It can be plugged into the grid close to demand, delivering up to 20MW of solar energy where it is needed most. The system can be scaled quickly and cheaply.
“We selected Greenlight Energy Resources for this round because we wanted a group of smart, experienced investors with real-world renewable energy experience who could help us build a company positioned for long-term success,” said Bob Cart, founder and CEO of GreenVolts, Inc. “Avista Corp’s understanding of the power markets and grid technologies gives us a great advantage in the marketplace, and they can apply their history of innovation and launching successful companies to help us build industry-specific solutions and technologies.”
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