GreenVolts provides complete, integrated concentrating photovoltaic (CPV) systems that optimize and integrate proprietary optics and tracking technology. Its turnkey systems are designed to meet operational requirements for utilities and industries as well as commercial, agricultural, and public sector customers. The company is led by President and CEO David Gudmundson and was founded in 2005 in Fremont, California. GreenVolts focuses on integrating high-performance components such as proprietary optics and tracking to deliver end-to-end solar installations. Through the financing, ABB gains access to GreenVolts’ proprietary technology and can offer turnkey CPV power-plant solutions alongside its solar thermal and conventional photovoltaic capabilities. The company announced a $35M financing in December 2011. GreenVolts develops concentrating solar photovoltaic (CPV) systems that focus large amounts of sunlight onto small, high‑efficiency solar cells. Its arrays use lenses and mirrors to concentrate light so cells can convert up to 40% of sunlight and can receive well over 500 “suns,” necessitating attached cooling arrays. That concentrated‑light approach produces ample electricity but adds optics and cooling equipment, raising costs relative to other solar technologies. GreenVolts is building the GV1 project, a megawatt installation in Pacific Gas & Electric’s territory that GreenVolts says will be completed later this year and could power roughly 300–500 homes. Financially, the company has raised $30 million from Oak Investment Partners; this is only its second full venture round. The article notes that if GV1 hits its cost targets, a much larger follow‑on round next year would be reasonable.

Total raised

$65M

Funding rounds

2

Latest round

Equity

Latest activity

Dec 2011