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GreenVolts gains $10 million Series A financing
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GreenVolts has secured $10 million in Series A funding for its
‘CarouSol’ solar panel tracking system that is being used at Avista's
Clean Energy Test Site. GreenVolts expects to have its GV1 plant
operational in late 2008.
"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.
The
company claims that its 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.
