GreenVolts, a Fremont, California-based provider of turnkey concentrating photovoltaic (CPV) systems, has received a $35m financing.
Backers include ABB Technology Ventures, the investment arm of global power and automation technology group ABB, which has agreed to invest approximately $20m, and other existing investors, including Oak Investment Partners.
Founded in 2005 and led by President and CEO David Gudmundson, GreenVolts provides a complete and integrated solar system. By optimizing and integrating high-performance components such as proprietary optics and tracking technology, these systems are designed to meet the operational requirements of a wide range of applications for utilities and industries as well as commercial, agricultural, and public sector customers.
Through the investment, ABB gains access to GreenVolts’ proprietary technology and can now offer turnkey solutions for concentrating photovoltaic power plants in addition to its current capabilities in solar thermal and conventional photovoltaic power plants.