GreenVolts Grabs $30 M for World's Largest Non-Silicon Photovoltaic Project
Image Credit: GreenVolts
GreenVolts won the Clean Tech Open in 2006. Last year they raised $10 million in Series A funding. This year they’ve raised $30 million in series B funding and signed a power purchase agreement with PG&E; for 2 MW of power by 2009. We’d call that great progress. And yet, they only have a few short months to hook up to the grid and eek in just under the wire for the expiration of the renewable energy tax credits and install what they’re expecting to be the world’s largest non-silicon concentrating PV project.GreenVolts has plans to set up camp on 8 acres of land in Tracy, California. Their technology cuts down land requirements while still producing twice the electricity of traditional solar panels thanks to the use of solar concentration. They use dishes that track the sun across the sky, and concentrate the rays onto small, highly efficient solar cells that can convert nearly 40% of energy into electricity.
GreenVolts indended to raise $100 million with their second round of fundraising, so it’s not clear if what they managed to scrape up will be enough to launch their project, the first phase of which was scheduled to be complete this year. We’re rooting for them, though, because more renewable energy sources are always a welcome sight.
Via Venture Beat and Earth2Tech
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