A major Swiss technology firm is putting $20 million worth of faith in a budding Californian solar company.
The ABB Group, a Swiss based automation and green technology firm, said Wednesday it's making the investment in Fremont, California-based Greenvolts to gain a substantial minority stake in the photovoltaic manufacturer.
The investment also provides ABB access to GreenVolts’ proprietary technology. Now, ABB says, it can offer turnkey solutions for concentrating photovoltaic power plants as well as new capabilities in solar thermal and conventional photovoltaic power plants.
ABB saidGreenVolts’ CPV system is up to 40 percent more efficient than traditional photovoltaic and thin-film modules.
“The technology combines simplicity and precision with unmatched performance, fast installation, easy operation and low cost of production,” said Peter Leupp, head of ABB’s Power Systems division. “Our extensive footprint, which covers all key solar markets in the world, will help us to make this technology globally accessible.”
Green Volts president and CEO David Gudmundson calls the company's fully integrated photovoltaic system an "industry game-changer."
“Every component was carefully designed to work together in a turnkey solution that dramatically reduces the cost and complexity of solar projects. With ABB’s global presence and expertise, these benefits will now be available to customers worldwide,” said Gudmundson.
According to GreenVolts officials, its solar systems are designed to meet the power needs of a wide range of customers, from utilities, to commercial and industrial users. ABBsays Greenvolt's components complement ABB's recent investment in other green energy ventures like Novatec Solar.
The investment was made through ABB Technology Ventures, ABB’s venture capital arm, in a recent round of investments that include existing GreenVolts investor, Oak Investment Partners.
ABB’s investments in the photovoltaic industry comes from across its entire spectrum of power and automation technologies and services, including: solar inverters; low voltage components and accessories; products and solar fields and power grid connections.
The ABB Group of companies operates in around 100 countries and employs about 130,000 people.
Comments