GreenVolts gets Greenlight

GreenVolts, with support from Greenlight Energy Resources Inc., announced Oct. 30 it raised $10 million in series A funding. The company made the announcement at the annual California Cleantech Open, where the company won an award in 2006.

“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. Based in San Francisco, GreenVolts specializes in high concentration photovoltaic technology and was chosen by Pacific Gas & Electric Co. (NYSE: PGE) to build GV1, a 2-MW facility that when completed would be the largest concentrating photovoltaic plant in the world.

GreenVolts’ unique CarouSol system produces up to 20 megawatts (MW) of solar energy at less than half the cost of traditional solar panels, according to the company. The system is designed for mobility and easy operation with minimum transmission requirements.
In June, Spokane, Wash.-based Avista Corp. (NYSE: AVA) announced it would host a CarouSol prototype at its Clean Energy Test Site in eastern Washington. The utility says it plans to monitor the project over two years to determine its long-term performance and cost [see "Utilities focus on concentration, SI, Aug. 2007]. Avista also invested an undisclosed amount in GreenVolts.

Greenlight Energy Resources, formerly Greenlight Energy Inc, sold its wind power company to BP (NYSE: BP) in early 2007. The new company is focused on investing in proven renewables including wind, biodeisel and solar.