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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 […]

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.

By Katie Fehrenbacher

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  1. [...] Morgan also confirmed today that the company is close to closing that Series C round of funding, which was reported back in February. But Morgan said that the funding will be closer to $50 million, instead of the previously reported $100 million to $150 million range. GreenVolts also said today that it is raising a sizable round this year. [...]

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  2. [...] content with social networking.Solar company Greenvolts plans to raise significant funding — Chief executive Bob Cart says he hopes to raise a second round of funding at the end of the year, although at “less than $100 million,” the amount would be smaller than that raised by [...]

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  3. [...] Intersolar: Big Solar Conference Kicks Off in San Francisco Written by Katie Fehrenbacher No Comments Posted July 15th, 2008 at 11:13 am in Energy Intersolar, the first U.S. version of a grandaddy European solar convention, officially kicked off this week in downtown San Francisco. We’ll be covering the event closely, including the bit of news that came out of yesterday from the conference pre-events (GreenVolts raising sizable funding). [...]

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  4. kerry bradshaw Wednesday, July 16, 2008

    Why in the world is money being wasted onphotovoltaic solar. That technology is practically useless – it cannot replace any existing plants and can’t contribute anything to meeting next year’s peak demand (or even this year’s) requirong more controllable plant construction. Photovoltaic guarantees fossil fuel plants will be around forever. It simply doesn’t make any sense. Doesn’t anyone in the alternative energy world understand the difference between crappy alternative energies and good alternative energies? This is embarrassing.

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  5. Kerry, your comment left me feeling sorry for you. Crappy alternative energy? Useless? Not only do many people live off-grid using PV and batteries, on a commercial scale we need to be looking at Peak Demand Shaving. We can de-commission fossil fuel based power plants by adopting large scale PV plants. There is no one silver bullet. PV will continue to grow as more and more people realize that this technology works. In your opinion, what’s a “good alternative energy”?

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  6. [...] GreenVolts: GreenVolts is a three-year-old San Francisco-based solar startup that sells a sun-tracking concentrating PV system called the CarouSol that can concentrate sun light by 625 times. GreenVolts says the system can produce energy at less than half the cost of traditional PV.In 2006 the company won the California Cleantech Open business competition, and a year later raised a $10 million Series A round led by Greenlight Energy Resources and included Avista and other investors. Earlier this month the company said it was looking to raise funding of “less than $100 million” later this year. [...]

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  7. [...] In 2006 the company won the California Cleantech Open business competition, and a year later raised a $10 million Series A round led by Greenlight Energy Resources and included Avista and other investors. Earlier this month the company said it was looking to raise funding of “less than $100 million” later this year. [...]

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  8. [...] to help it get the first megawatt of its GV1 project online. This is less than we expected when CEO Bob Cart said at the Intersolar conference in July that his company’s second round would be “less than $100 million.” Well, [...]

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  9. [...] to help it get the first megawatt of its GV1 project online. This is less than we expected when CEO Bob Cart said at the Intersolar conference in July that his company’s second round would be “less than $100 million.” Well, [...]

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  10. [...] to help it get the first megawatt of its GV1 project online. This is less than we expected when CEO Bob Cart said at the Intersolar conference in July that his company’s second round would be “less than $100 million.” Well, that’s [...]

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