GreenVolts Secures $10 million Series A Financing

Greenlight Energy Resources, an operator of renewable energy projects and an investor in early stage renewable energy companies, Avista Corporation, and several other investors have put $10 million in Series A funding in GreenVolts, a leader in high concentrating photovoltaic technology and wholesale distributed energy.

Earlier this year, GreenVolts was chosen by Pacific Gas & Electric Company to build GV1, a two-megawatt facility. In addition to the financing, the company announced that its CarouSol tracking system has begun producing energy at Avista’s Clean Energy Test Site, and that it is on track for deployment of its GV1 plant in late 2008.

GreenVolts believes that utility-scale distributed generation is the key to a future for clean, renewable energy. The company’s CarouSol tracking system concentrates 625 times the sun onto its solar cells, producing breakthrough efficiency using less land and half the capital investment of competitive technologies.

The design of this system also allows it to be plugged into the grid nearer to the demand than any other technology, delivering up to 20 megawatts of solar energy where it is needed most.

GreenVolts announced these milestones from the stage at the annual California Cleantech Open (CCTO) awards ceremony, held at the Palace of Fine Arts in San Francisco. The company won the renewable energy category at last year’s event and received the 2007 CCTO Alumni award this year for progress made in customer acquisition and funding.

“GreenVolts has shown steady progress on this promising technology with its keen focus on serving utilities,” said Roger Woodworth, VP for Sustainable Energy Solutions at Avista Utilities and a strategic adviser to GreenVolts. “We’re pleased to continue our support as a minority investor in GreenVolts and its capable leadership team.”

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