GreenVolts returns to the solar scene
GreenVolts is re-emerging with a scaled-down version of its solar concentrating technology.
This just in, GreenVolts is not dead.
The company, reemerging from stealth mode after almost three years, said it has raised $35 million from Oak Investment Partners and Swiss energy technology company ABB, which will now market and sell GreenVolts concentrating solar systems around the world.
If you haven’t heard of GreenVolts, let me refresh your memory.
The company was founded in 2005, won the Cleantech Open business plan competition and $50,000 in startup money in 2006, and raised its first round of capital in 2007, and then $30 million from Oak Investment Partners in 2008.
Sometime around 2009, GreenVolts realized its curved mirror solar concentrating systems, while spectacular and space-agey to look at, were never going to be inexpensive enough for anyone to buy.
There was no ‘Aha! moment,’ said Eric Romo, a founding executive and now vice president of strategic development at the refreshed Fremont-based GreenVolts. He said the company knew what price it needed its technology to sell for to be able to generate cheap enough electricity to compete in the energy marketplace.
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