ABB buys stake in GreenVolts
The amount to be invested is a part of a $35 million financial round for the minority stake in GreenVolts
Zurich, December 29, 2011 — ABB will be investing about $20 million in GreenVolts of California, which is a provider of turnkey concentrating photovoltaic systems.
The amount to be invested is a part of a $35 million financial round for the minority stake in GreenVolts.
GreenVolts' proprietary technology will be accessed by ABB after the investment. Further, the company will be providing its turnkey solutions for concentrating photovoltaic power plants while delivering its current potential in solar thermal and conventional photovoltaic power plants.
GreenVolts' CPV system optimizes and integrates field-proven, high-performance components such as proprietary optics and tracking technology into a complete system, providing 30 percent to 40 percent higher energy yields in comparison to the traditional panel-based systems. This comprehensive system is more efficient than traditional photovoltaic and thin-film modules.
The CPV system is good at performance, quick to install, easy to operate and economical. ABB has access to global solar markets, which will enable the technology from GreenVolt to be accessed globally.
Recently, ABB acquired stake in a leading provider of Linear Fresnel concentrating solar power technology, Novatec Solar. The technology from GreenVolts complements the new acquisition.