Solar startup Semprius says it will open its first factory in North Carolina next week. The company makes solar modules for solar concentrating systems, which use mirrors to focus light onto solar cells. Other startups that make this type of technology have struggled in recent months.
Here’s ABB’s side of the story, explaining why it decided to pull out of its investment with solar startup GreenVolts: the uncertainty in the solar panel market.
Solar startup GreenVolts says it has laid off more than 60 of its 80 person staff, as a result of investor ABB removing its support. A small staff remains at GreenVolts to offer customer support of its systems and to look to sell itself or assets.
GreenVolts is raising even more funds. On top of a round of debt in August, GreenVolts is looking to raise close to $40 million in equity funding from Oak Investment Partners, and has closed on $22.44 million of the round from existing investors Oak Investment Partners.
U.S. government labs can offer a handy toolbox for up-and-coming cleantech startups. GreenVolts, which builds solar concentrating photovoltaic projects, said today that…