GreenVolts, a Fremont, Calif-based maker of solar concentrating photovoltaic systems (CPV) which capture energy by using both traditional PV cells and lenses, has raised close to $40 million in equity financing, according to an SEC filling.
The Securities and Exchange Commission (SEC) Form D shows GreenVolts has raised a little more than $39 million. Long-time investor Oak Investment Partners is listed in the Form D.
GreenVolts began raising this third round of funding late last year. Including this latest financing the five-year old company is has raised about $90 million in equity and debt.
In 2008 GreenVolt inked a power purchase agreement with Pacific Gas & Electric to develop the 3 megawatts GV1 facility in Byron, Calif., which at the time was one of the first large-scale CPV project.
However, since then, a number of well-funded competitors have emerged, including Concentrix which is supplying CPV panels for Tenaska Solar Ventures’ 150-megawatt Imperial Solar Energy Center (ISEC) near San Diego. Other CPV developers out raising money include SolFocus, which according to our last report, was nearing close on a $50 million round.
We’ve called GreenVolts’ PR for more details.