GreenVolts On Track to Raise $40M – UPDATE
GreenVolts, a California?startup that develops concentrating solar power systems, is in the process of raising nearly $40 million in venture funding.
GreenVolts is in the process of raising $38.8 million in venture?funding. The company is actually more than halfway there, having already secured $22.7 million from current investor Oak Investment Partners, writes Earth2Tech, which first reported the news.
The company is expected to use the funding to commercialize its hybrid solar power solution, which uses both solar photovoltaic cells and mirrors to capture solar energy.
Back in 2008 GreenVolts announced a Power Purchase Agreement (PPA) with Pacific Gas and Electric for the output of a power plant in Byron, Calif. The facility was actually scheduled to begin commercial operation this year, but it’s unclear if the facility is actually live.
With this latest round GreenVolts will have raised roughly $90 million, reports Earth2Tech.
UPDATE: In an email to G.E.R., a GreenVolts spokeswoman wrote that the Byron power plant is expected to be completed next year. The spokeswoman declined to comment on the capital raise.