GreenVolts Inc., a closely held developer of concentrating solar power systems, received about $39 million in venture capital financing.
The funding includes $22.4 million received in December from Oak Investment Partners and other existing and new investors, David Gudmundson, the Fremont, California-based company’s chief executive officer, said today by telephone. He wouldn’t name the other backers.
The financing will be used to build equipment for projects that include a 1-megawatt plant at Arizona Western College. The company is also developing a Byron, California, project for utility Pacific Gas & Electric Co. using “completely redesigned” technology, he said.
Details of GreenVolts’ “next generation” systems will be announced in the coming months, Gudmundson said, and will still use concentrating photovoltaic technology incorporating high-efficiency solar cells from suppliers such as Boeing Co.’s Spectrolab Inc. unit.