Blog Post

GreenVolts Concentrates on Utility Project With $30M

With the expiration of the renewable energy tax credits looming large, solar companies are scrambling to get their solar projects connected to the grid before the end of the year. GreenVolts, developer of large, concentrated photovoltaic arrays said today that it’s raised $30 million in Series B funds 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 technically true, and we’re still waiting to hear back from GreenVolts to see if they raised less than originally planned.

Like many of the company releases coming out about yet-to-be-built solar power plants, GreenVolts is claiming a world record with its GV1 installation, which it says will deliver “the world’s largest non-silicon concentrating photovoltaic project.” The GV1 project is to be built on eight acres in Tracy, Calif. (Check it out on our map.) GreenVolts has signed a power purchase agreement with utility PG&E for 2 megawatts of power by 2009 from GV1, the first megawatt of which GreenVolts says it will deliver by the end of this year.

GreenVolts’ technology uses dishes set on a rotating, dual-axis “CarouSol” which tracks the sun, harnessing its rays and concentrating them onto small but efficient solar cells. The company says its solar systems require less land and produce twice the energy of traditional solar panels. This round of funding comes from Oak Investment Partners. A year ago GreenVolts, winner of the 2006 California Clean Tech Open, raised $10 million in Series A fund from Greenlight Energy Resources and Avista.