Swiss manufacturing group ABB has agreed to invest $20m as part of a $35m financing round into California, US-based concentrating photovoltaic (CPV) specialist GreenVolts.
Through the investment, ABB gains access to GreenVolts' proprietary technology and can now offer turnkey solutions for CPV plants to its portfolio. Within the solar space, it is already active in conventional PV and solar thermal.
'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.'
GreenVolts markets its technology on being more efficient than traditional PV and thin-film modules.
'Our complete and fully integrated photovoltaic system is an industry game-changer,' said David Gudmundson, president and CEO of GreenVolts. '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.'