California, United States [RenewableEnergyWorld.com] GreenVolts announced that it has secured US $30 million in Series B funding from Oak Investment Partners. The company said that it will use the funds to continue to build out its organization, accelerate its R&D efforts in Concentrating Solar Photovoltaics (CPV) technology and scale capacity for anticipated 2009 deployments.
A portion of the funds will also be used to build GreenVolts’ GV1 project, the world’s largest non-silicon CPV power plant, which will be built as part of the company’s agreement with Pacific Gas & Electric. The first megawatt of GV1 will be delivered later this year.
“We will soon be generating energy from the sun at what will be the world’s largest non-silicon CPV power plant,” said Bob Cart, founder and CEO of GreenVolts. “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.”