Strategic stake in US-based GreenVolts strengthens ABB’s focus on renewables and confirm increasing interest in CPV technology.
ABB, the global power and automation technology group, announced that it has agreed to invest approximately $20 million as part of a $35 million financial round, for a substantial minority stake in California-based GreenVolts, a leading provider of turnkey concentrating photovoltaic (CPV) systems.
Through the investment ABB gains access to GreenVolts’ proprietary technology and can now offer turnkey solutions for concentrating photovoltaic power plants in addition to its current capabilities in solar thermal and conventional photovoltaic power plants.
GreenVolts’ CPV system is more efficient than traditional photovoltaic and thin-film modules. By optimizing and integrating field-proven, high-performance components such as proprietary optics and tracking technology into a complete system, GreenVolts delivers energy yields that can be 30 to 40 percent higher than traditional panel-based systems.
GreenVolts solar systems are designed to meet the operational requirements of a wide range of applications for utilities and industries as well as commercial, agricultural, and public sector customers. The technology complements ABB’s recent acquisition of a stake in Novatec Solar, a leading provider of Linear Fresnel concentrating solar power technology.
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.
ABB’s wide offering for the photovoltaic industry comes from across the entire spectrum of ABB’s power and automation technologies and services and includes solar inverters, components for module tracking systems, low voltage components and accessories, products and solutions for solar module and cell manufacturing plants, as well as for total solar fields and grid connections.