Contact Information: Press Contact: Michael Azzano Cosmo PR for GreenVolts 415/596-1978
GreenVolts Closes $30 Million From Oak Investment Partners in Series B Financing
GreenVolts to Deliver World's Largest Non-Silicon Concentrating Photovoltaic Project in Late 2008
| Source: GreenVolts
SAN FRANCISCO, CA--(Marketwire - September 22, 2008) - GreenVolts (www.greenvolts.com), a leader
in concentrating photovoltaic (CPV) technology, today announced that it has
secured $30 million in Series B funding from Oak Investment Partners.
GreenVolts will use the funds to continue to build out its organization,
accelerate its advanced R&D efforts, and scale capacity for anticipated
2009 deployments. A portion of the funds will also be used for its GV1
project, the world's largest non-silicon CPV power plant built as part of
its agreement with Pacific Gas & Electric. The first megawatt of GV1 will
be delivered later this year.
"We will soon be generating energy from the sun at what will be the world's
largest non-silicon CPV power plant," said Bob Cart, founder and CEO of
GreenVolts. "Having a partner like Oak that shares our vision for CPV is a
great asset as we make the long-term decisions necessary to meet existing
demand while continuing to innovate for the future."
"GreenVolts has quietly built a company and a technology that will alter
the playing field for solar energy," said Brian Hinman, Venture Partner of
Oak Investment Partners. "We believe that over time the GreenVolts system
can produce solar energy more efficiently, and at a lower levelized cost
than competing photovoltaic technologies, dramatically accelerating the
adoption timeline for CPVs."
GreenVolts is a utility-scale solar technology company focused on
delivering wholesale-distributed generation solutions that can produce the
world's lowest cost solar energy on a massive scale. The company has
developed state-of-the-art concentrating photovoltaic technology that
achieves unparalleled solar-to-electricity conversion efficiency through an
innovative integration of optics and solar tracking.
Like central station power plants, GreenVolts' technology is a complete
power plant designed for delivering the lowest levelized cost of energy;
yet GreenVolts' power plants are sited close to loads, increasing
efficiency and further reducing cost.
About Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm with a total
of $8.4 billion in committed capital. The primary investment focus is on
high growth opportunities in communications, information technology,
internet new media, financial services, clean energy, healthcare services,
and consumer retail. Over a 28-year history, Oak has achieved a strong
track record as a stage-independent investor funding more than 435
companies at key points in their lifecycle.
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 concentrating photovoltaic technology efficiently
integrates tracking and optics into a system that dramatically lowers
energy cost. In addition, the low-profile tracker design minimizes issues
associated with wind loading and eliminates the need for concrete supports
to allow for rapid deployment. Through low cost, high efficiency systems,
the company can access large markets previously inaccessible to solar.
GreenVolts is currently developing the initial phase of a two-megawatt
facility in Byron, California, under a 20-year power purchase agreement
with Pacific Gas & Electric. The company is currently exploring additional
deployments for 2009 both within the U.S. and internationally.