Contact Information: Press Contact: Michael Azzano Cosmo PR for GreenVolts 415/596-1978
GreenVolts Secures $10 Million Series A Financing
Leader in Concentrating Photovoltaic Technology on Track to Deliver GV1, World's Largest Concentrating Photovoltaic Plant, in Late 2008
| Source: GreenVolts
SAN FRANCISCO, CA--(Marketwire - October 30, 2007) - GreenVolts (www.greenvolts.com), a leader
in high concentrating photovoltaic technology and wholesale distributed
energy, today announced that it has secured $10 million in Series A
funding. The company also announced that its CarouSol™ tracking system
has begun producing energy at Avista's Clean Energy Test Site, and that it
is on track for deployment of its GV1 plant in late 2008.
GreenVolts announced these milestones yesterday evening from the stage at
the annual California Cleantech Open (CCTO) awards ceremony, held at the
Palace of Fine Arts in San Francisco. GreenVolts was the winner in the
renewable energy category at last year's event and received the 2007 CCTO
Alumni award this year for progress made in customer acquisition and
funding.
GreenVolts concentrated solar technology targets industrial or
utility-scale distributed generation applications. The company's technology
maximizes energy yield from high efficiency solar cells, resulting in high
energy density. Compared to conventional solar panels, the GreenVolts
solution requires less land while producing twice the energy at half the
cost. The GreenVolts system does not require large remote tracts of land
and associated investments in new transmission lines. GreenVolts' ability
to produce clean power at a levelized cost of energy that is competitive
with peak fossil fuel rates is redefining the rules of solar economics.
Earlier this year, GreenVolts was chosen by Pacific Gas & Electric Company
to build GV1, a two-megawatt facility that will be the largest
concentrating photovoltaic plant in the world when completed. The company
is on track to deliver the first phase of this facility in late 2008.
GreenVolts' Series A round of funding was led by Greenlight Energy
Resources, an operator of renewable energy projects and an investor in
early stage renewable energy companies, and included Avista Corporation and
several other investors.
"Our investment threshold begins with applications that will advance the
adoption of renewable energy. GreenVolts' technology will enable
utility-scale solar near the point of use at competitive prices -- an
important milestone for solar applications," said Jim Trousdale, Director
of Greenlight Energy Resources, Inc. "GreenVolts brings all the major
pieces together -- a next-generation technology, customer traction, and an
experienced management team to grow the business."
"GreenVolts has shown steady progress on this promising technology with its
keen focus on serving utilities and disciplined approach to product
development," said Roger Woodworth, VP for Sustainable Energy Solutions at
Avista Utilities and a strategic adviser to GreenVolts. "We're pleased to
continue our support as a minority investor in GreenVolts and its capable
leadership team."
GreenVolts believes that utility-scale distributed generation is the key to
a future for clean, renewable energy. The company's CarouSol tracking
system concentrates 625 times the sun onto its solar cells, producing
breakthrough efficiency using less land and half the capital investment of
competitive technologies. The design of this system also allows it to be
plugged into the grid nearer to the demand than any other technology,
delivering up to 20MW of solar energy where it is needed most. GreenVolts
has designed its system so it can scale production quickly and cheaply.
"We selected Greenlight Energy Resources for this round because we wanted a
group of smart, experienced investors with real-world renewable energy
experience who could help us build a company positioned for long-term
success," said Bob Cart, founder and CEO of GreenVolts, Inc. "Avista
Corp.'s understanding of the power markets and grid technologies gives us a
great advantage in the marketplace, and they can apply their history of
innovation and launching successful companies to help us build
industry-specific solutions and technologies."
About Greenlight Energy Resources, Inc.
Greenlight Energy Resources, Inc. uses proven technologies to produce
clean, renewable energy and fuels. The company's biodiesel, solar and wind
power companies help address current energy issues. The company is also
engaged in the development of new technologies to convert ocean waves into
energy, with an emphasis on utility scale facilities located offshore.
Greenlight Energy Resources is an active investor in early-stage renewable
energy companies and projects.
About Avista Corp.
Avista Corp. is an energy company involved in the production, transmission
and distribution of energy as well as other energy-related businesses.
Avista Utilities is our operating division that provides service to 348,000
electric and 305,000 natural gas customers in three Western states.
Avista's primary, non-regulated subsidiary is Advantage IQ. Our stock is
traded under the ticker symbol "AVA." For more information about Avista,
please visit www.avistacorp.com.
Avista Corp. and the Avista Corp. logo are trademarks of Avista
Corporation. All other trademarks mentioned in this document are the
property of their respective owners.
This news release contains forward-looking statements regarding the
company's current expectations. Forward-looking statements are all
statements other than historical facts. Such statements speak only as of
the date of the news release and are subject to a variety of risks and
uncertainties, many of which are beyond the company's control, which could
cause actual results to differ materially from the expectations. These
risks and uncertainties include, in addition to those discussed herein, all
of the factors discussed in the company's Annual Report on Form 10-K for
the year ended Dec. 31, 2006, and the Quarterly Report on Form 10-Q for the
quarter ended June 30, 2007.
About GreenVolts
GreenVolts, Inc., based in San Francisco, was founded in 2005 to deliver
solar power at costs competitive with that derived from fossil fuels. The
company's breakthrough high concentrating photovoltaic technology
efficiently integrates tracking and optics into a system that dramatically
lowers energy cost. Through low cost and high efficiency the company can
access large markets previously inaccessible to solar. GreenVolts changes
the economics of solar energy.