New VC Funding for CPV Startup GreenVolts

GreenVolts said it would close a sub $50 million funding round before the end of the year, and the company has kept its word.

GreenVolts has just announced a $30 million Round B from Oak Investment Partners.

The company is one of the fastest moving and more promising CPV startups. Spawned with help from the California Cleantech Open, VC-funded GreenVolts has a 2MW, 20-year power purchase agreement with PG&E and a contract for its low-profile CPV system to be deployed near Tracy, Calif. (GV-1). The 2MW system is hailed as one of the largest CPV systems ever undertaken.

Some of these funds will be used for the GV1 project with the first megawatt set to be delivered later this year.

“While we studied over a dozen companies pursuing CPV, GreenVolts stood out as having the correct architecture in terms of the structural design, optical design of the unit cell, hybrid control system and maintenance provisions,” said Brian Hinman of Oak Investment Partners in an email. “Moreover, the GreenVolts business plan provides the near-term experience from the PG&E project, and the long-term promise of technology differentiation. At Oak, we invest in great ideas backed by management teams who think clearly and have tenacity. Bob Cart and team have the right stuff.”

GreenVolts is a utility-scale solar technology startup focused on wholesale-distributed generation solutions.