GreenVolts Secures $30 Million in Series B Funding

SAN FRANCISCO, CA, Sep 22, 2008 (MARKET WIRE via COMTEX) -- GreenVolts ( www.greenvolts.com), a leader in concentrating photovoltaic (CPV) technology, today announced that it has secured $30 million in Series B funding from Oak Investment Partners.

GreenVolts will use the funds to continue to build out its organization, accelerate its advanced R&D efforts, and scale capacity for anticipated 2009 deployments. A portion of the funds will also be used for its GV1 project, the world's largest non-silicon CPV power plant built as part of its 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."

"GreenVolts has quietly built a company and a technology that will alter the playing field for solar energy," said Brian Hinman, Venture Partner of Oak Investment Partners. "We believe that over time the GreenVolts system can produce solar energy more efficiently, and at a lower levelized cost than competing photovoltaic technologies, dramatically accelerating the adoption timeline for CPVs."

GreenVolts is a utility-scale solar technology company focused on delivering wholesale-distributed generation solutions that can produce the world's lowest cost solar energy on a massive scale. The company has developed state-of-the-art concentrating photovoltaic technology that achieves unparalleled solar-to-electricity conversion efficiency through an innovative integration of optics and solar tracking.

Like central station power plants, GreenVolts' technology is a complete power plant designed for delivering the lowest levelized cost of energy; yet GreenVolts' power plants are sited close to loads, increasing efficiency and further reducing cost.