GreenVolts, a three-year-old San Francisco-based solar startup is looking to raise a significant round of Series B funding of “less than $100 million” in late 2008, CEO Bob Cart told us at the Intersolar conference in downtown San Francisco on Monday. But that hoped-for round would be smaller than the financing that several other solar startups have raised this year.
In October 2007 the company said it had raised a $10 million Series A that was led by Greenlight Energy Resources and included Avista and other investors. That first round came a year after the company won the California Cleantech Open business competition in 2006, and the company announced its funding the night it received an alumni award from the California Cleantech Open for making the most progress in the prior 12 months in terms of investments and customer wins.
The company has a 20-year purchase power agreement with California utility PG&E, to build a 2MW solar power plant, which it calls the world’s largest high concentrating solar photovoltaic plant. Unlike many of the solar thermal companies building massive plants in the deserts, GreenVolts builds solar concentrating photovoltaic plants, which use PV panels as well as mirrors and lenses to concentrate sunlight. GreenVolts PV solar systems are smaller than many of these planned massive plants, and its technology, called CarouSol trackers, have a high efficiency and can be deployed quickly — within a year.