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The San Francisco-based company says it will use the monies to continue to build out its organization, speed up 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 in Byron, CA, built as part of its 20-year power purchase agreement with Pacific Gas & Electric. The first of GV1's planned two megawatts, generated by GreenVolts' CarouSol CPV tracking system, will be delivered later this year.
"We will soon be generating energy from the sun at what will be the world’s largest nonsilicon CPV power plant," said Bob Cart, GreenVolts' founder/CEO. "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," noted 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 CPV systems."
GreenVolts, founded in 2005, secured $10 million in Series A funding in October 2007 in a round led by Greenlight Energy Resources.
-- Tom Cheyney
