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Concentrating photovoltaic (CPV) start-up, GreenVolts has suddenly suspended operations and is seeking a buyer. In a statement on GreenVolts website, the company said a key investor had unexpectedly decided to change strategy, forcing GreenVolts to cease operations, except for a small team of essential staff.
According to reports, the major investor in question was ABB. The industrial conglomerate was said to have pulled the plug on its US$20 million investment in the CPV firm due to industry overcapacity and subsequent market conditions. Further financial commitments would have been required, which were not deemed viable under the circumstances.
CPV and thin-film forms have featured in the ‘solar shakeout’ as the costs associated with conventional crystalline technologies have plummeted, making other technologies uncompetitive on a cost per-watt basis
Details of GreenVolts first major project were captured this year by PV blogger, Ed Gunther. Greentech Media had first broken the story.
