GreenVolts Inc. has unveiled an integrated solar system that includes concentrated PV (CPV) modules, trackers, inverters, and energy management software. Through control of the entire system design, GreenVolts says it has improved performance, simplified project engineering and installation, and reduced costs in all stages of the project life cycle.
Traditional photovoltaic systems are composed of parts sourced from different suppliers. According to GreenVolts, its integrated system enables installations that can produce 30% to 40% more energy than traditional PV. Project applications include agricultural, utility, municipal, commercial and industrial settings.
Additionally, ABB, a power and automation technology group, has agreed to invest approximately $20 million as part of a $35 million financial round, for a substantial minority stake in GreenVolts.
Through the investment, ABB is expected to gain access to GreenVolts' proprietary technology and offer turnkey solutions for CPV power plants, in addition to its current capabilities in solar thermal and conventional photovoltaic power plants.
The investment was made through ABB Technology Ventures, ABB's venture capital arm, in a funding round that includes existing GreenVolts investor Oak Investment Partners.