GreenVolts Appoints Chief Financial Officer

Uday Bellary brings global finance experience to solar technology company

Fremont, Calif. – February 8, 2010 - GreenVolts, a leader in the development and commercialization of concentrating photovoltaic (CPV) technology, today announced that Uday Bellary has joined the company as its Chief Financial Officer.

Mr. Bellary is a seasoned global executive who brings more than 30 years of finance, accounting, investor relations, legal, human resources, and operations experience to his role at GreenVolts. His long list of accomplishments include two successful Initial Public Offerings, negotiations for a number of domestic and international acquisitions and divestitures, as well as the execution of significant debt and equity financing. At GreenVolts, Mr. Bellary will be responsible for finance and administration and will report to CEO David Gudmundson.

“Uday’s leadership along with his lengthy and successful track record on the global stage will be invaluable as we continue to grow from a cutting-edge CPV startup to a major force in the solar industry,” said David Gudmundson, president and CEO of GreenVolts. “His experience will be critical to our growth as we scale to meet the demands of the renewable energy sector for reliable, high performance solar equipment.”

Most recently, Mr. Bellary served as Chief Financial Officer of telecommunications company Atrica, Inc., where he completed a $34 million equity and debt financing and helped manage its acquisition by Nokia Siemens Network. Previously, as Senior VP of Finance & Administration and Chief Financial Officer of Metro OptiX, he managed the company’s spin-off from LM Ericsson of Sweden and raised in excess of $100 million from major venture capital companies. Additionally, Mr. Bellary took MMC Networks through its IPO as the company’s Chief Financial Officer. The company was eventually acquired by AMCC for $4 billion. While with Cirrus Logic, he helped grow the company from less than $60 million in revenue to more than $1.2 billion. Mr. Bellary has also held key accounting and finance roles with a number of other companies, including Intel Corporation and PricewaterhouseCoopers.

“I look forward to putting my experience to work with the energized and focused team at GreenVolts,” said Mr. Bellary. “My immediate task will be to identify the partners and the resources necessary for us to scale to meet our goal of powering a global CPV industry.”

GreenVolts’ innovative approach to concentrating photovoltaics has led to a power purchase agreement with Pacific Gas & Electric for a two-megawatt pilot facility in Northern California. GreenVolts has raised nearly $45 Million in venture capital, including $34 Million as part of a Series B round. The company’s technology and business model recently earned it a spot on the 2009 Global Cleantech 100 list of the leading cleantech companies.

About GreenVolts

GreenVolts, headquartered in Fremont, CA, has taken an integrated systems approach to the development of complete Concentrating Photovoltaic (CPV) solutions that combines:

• State-of-the-art proprietary highly concentrating optics
• High precision, low profile, two-axis solar tracking
• Intelligent power and control systems
• On-board, real time, high resolution performance monitoring

This unique integrated systems approach will achieve industry leading energy productivity and low overall Levelized Cost of Energy (LCOE). In addition, the high energy density of GreenVolts’ CPV system enables low cost power production that can be deployed close to load, further increasing the real value of the energy generated.

To learn more about the company, please visit www.greenvolts.com.

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GreenVolts Lands Industry Veteran as Senior Vice President of Operations

Keith Lambert brings successful global track record to growing concentrating photovoltaics company

Fremont, Calif. – December 2, 2009 - GreenVolts, a leader in the development and commercialization of concentrating photovoltaic (CPV) technology, today announced that Keith Lambert has joined the company as Senior Vice President of Operations.

Mr. Lambert brings 20 years of general management, operations and engineering experience in diverse industries including minicomputers, networking, contract manufacturing, wireless infrastructure, and optical communications. He has been successful on the global stage, managing production, logistics and supply chain operations as a Business Unit General Manager and as an Operations GM.

“We are pleased that Keith has joined the GreenVolts team. His experience in operations and management will be invaluable as we scale to fulfill on the potential of both CPV and GreenVolts,” said David Gudmundson, President and CEO of GreenVolts. “His efforts will support our mission of providing scalable, reliable, high performance solar equipment.”

Most recently, he was the SVP of Optical Communications at JDSU Corporation where he was responsible for defining and implementing the Optical Communications operating strategy for a $600M business unit with 3,500 staff. His previous work experiences include executive management positions at RadiSys Corp, MSL (now Celestica) and 3Com Corp.

“I am excited to work with the world class engineering team assembled at GreenVolts to realize this vast opportunity,” said Mr. Lambert. “Foundational to our cost leadership and reliability strategy will be developing strategic relationships with Tier 1 global manufacturing partners, and I look forward to enabling GreenVolts to become the first solar power company to strategically empower the global supply chain to truly scale the CPV industry.”

GreenVolts’ innovative approach to concentrating photovoltaics has led to a power purchase agreement with Pacific Gas & Electric for a two-megawatt pilot facility in Northern California. GreenVolts has raised nearly $45 Million in venture capital, including $34 Million as part of a Series B round late last year. The company’s technology and business model recently earned it a spot on the 2009 Global Cleantech 100 list of the leading cleantech companies.

About GreenVolts

GreenVolts, headquartered in Fremont, CA, has taken an integrated systems approach to development of complete Concentrating Photovoltaic (CPV) solutions that combines:

• State-of-the-art proprietary highly concentrating optics
• High precision, low profile, two-axis solar tracking
• Intelligent power and control systems
• On-board, real time, high resolution performance monitoring

This unique integrated systems approach will achieve industry leading energy productivity and low overall Levelized Cost of Energy (LCOE). In addition, the high energy density of GreenVolts’ CPV system enables low cost power production that can be deployed close to load, further increasing the real value of the energy generated.

To learn more about the company, please visit www.greenvolts.com.

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GreenVolts Appoints New Chief Executive Officer

Technology Veteran Aims for Widespread Adoption of Concentrating Photovoltaic Technology

Fremont, Calif. – October 26, 2009 - GreenVolts, a leader in concentrating photovoltaic (CPV) technology, today announced that it has appointed David Gudmundson as President and Chief Executive Officer. Mr. Gudmundson comes to GreenVolts with more than 20 years of experience in senior management positions at leading technology companies, and a successful track record of growing both domestic and international market share and revenue. He has a deep working knowledge of all aspects of company operations, including sales and marketing, engineering, manufacturing, and finance.

Mr. Gudmundson assumes his role as President and CEO immediately, in place of interim CEO and former GreenVolts’ CFO Gary Beasley, who is leaving to pursue a career in private equity. The company also announced today that it has relocated its headquarters from its startup offices in San Francisco to a state-of-the-art facility in Fremont, California.

“We are energized by having a world class executive like David leading the team at GreenVolts,” said company Founder and Chairman Bob Cart. “David’s management experience and strong leadership will help us scale the business while delivering on the great promise CPV holds for our customers.”

Mr. Gudmundson has a proven history as a senior executive building teams, expanding market-share and revenue, and delivering upon aggressive measurable goals across a number of industries, including Networking, Optics, and Government and Defense. His experience spans the globe in the technology and engineering fields, working for companies such as JDSU and Cisco Systems. In these roles, he has managed businesses with over $1 Billion in total annual revenue, acquired and integrated a dozen companies, and led globally distributed organizations.

As President of JDSU’s Optical Communications Product Group and a Corporate Executive VP, Mr. Gudmundson led a 3,000-person team to significantly increased profitability, revenue growth, and market share. In his role as Senior Vice President of Corporate Strategy, M&A and Marketing, he played a critical role in identifying and executing a number of acquisitions as well as a corporate restructuring that helped JDSU become a profitable portfolio company.

Prior, Mr. Gudmundson served as a Group Vice President and General Manager for Cisco Systems. He was a driving force behind Cisco’s entry into both the access router and broadband markets, and he led the company’s successful entry into the security server market. Mr. Gudmundson also held engineering positions at ArgoSystems, a subsidiary of Boeing, and ESL Incorporated, now part of Northrop Grumman. He earned a BSEE from the University of Missouri-Rolla and an MBA from San Jose State University.

“I look forward to partnering with Bob, and the Board, and the entire team at GreenVolts to continue unlocking the enormous potential of CPV,” said Gudmundson. “I am passionate about this industry and extremely bullish on this technology. I am thrilled to leverage my experience and skills to help make solar power a primary energy source for our planet.”

GreenVolts’ innovative approach to concentrating photovoltaics has led to a power purchase agreement with Pacific Gas & Electric for a two-megawatt pilot facility in Northern California. GreenVolts has raised nearly $45 Million in venture capital, including $34 Million as part of a Series B round late last year. The company is also working with the National Renewable Energy Laboratory to optimize solar cells for concentrating photovoltaic systems.

GreenVolts’ new 20,000 square foot headquarters are ideally suited to the company’s research and development needs, while providing room for its expanding engineering team. The company’s new offices are located at 46400 Fremont Boulevard in Fremont, California. The company can be found online at http://www.greenvolts.com.

About GreenVolts

GreenVolts, Inc. was founded in 2005 to deliver solar power at costs competitive with that derived from fossil fuels. The company’s concentrating photovoltaic technology efficiently integrates tracking and optics into a system that lowers the cost of energy. Through low cost, high efficiency systems, the company can access large new markets.

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GreenVolts named a Global Cleantech 100
Clean Technology Company

Recognized by the Guardian and Cleantech Group for high growth and high market impact

SAN FRANCISCO, CALIF. - September 09, 2009 - GreenVolts, a leader in the development and commercialization of concentrating photovoltaic (CPV) technology, today announced it has been named a Global Cleantech 100 company by Guardian News and Media and Cleantech Group™, LLC, providers of leading research, events and advisory services for the cleantech ecosystem.
The Global Cleantech 100 is the first ever list highlighting the most promising private clean technology companies around the world. Supported by the Carbon Trust, the Global Cleantech 100 recognises companies at the forefront of cleantech innovation offering solutions to some of the world’s most pressing environmental challenges.

“We are honored to be selected as a Global Cleantech 100 company and look forward to continuing to innovate and push the boundaries of concentrating photovoltaic technology as we work to drive down the cost of solar electricity generation below that of fossil fuel alternatives,” said Gary Beasley, President and CEO of GreenVolts.

GreenVolts received the award on the basis of a unique approach to concentrating photovoltaics that has been well received within the solar industry. GreenVolts holds a power purchase agreement with Pacific Gas & Electric for a two-megawatt pilot facility in Northern California. In addition, the company has raised $45 million in venture funds and recently announced an agreement with the National Renewable Energy Laboratory to co-develop a next generation solar cell.

“The first ever Global Cleantech 100 shines a spotlight on which companies and which technology areas the global innovation community is most excited about from a commercial standpoint,” said Richard Youngman, managing partner at Cleantech Group.

The final list represents the collective opinion of hundreds of leading experts from cleantech innovation and venture capital companies in EMEA, North America, India and China, combined with the specific input of an expert panel. The panel’s views were combined with insights from the Cleantech Network™, the de facto industry association of international clean technology investors, entrepreneurs, large corporations and other industry insiders. Some 3,500 companies were nominated/considered.

GreenVolts and other winners are being honored today at Cleantech Forum XXIII in Boston, 8-10 September 2009 (www.cleantech.com/bostonforum) and will be celebrated at Cleantech Forum XXIV in Delhi, 15-16 October 2009 (www.cleantech.com/delhiforum) and at the Guardian’s UK Cleantech Summit in London on 23 November 2009 (guardian.co.uk/cleantechsummit).

About GreenVolts

GreenVolts, Inc., based in San Francisco, was founded in 2005 to deliver solar power at costs competitive with that derived from fossil fuels. The company’s concentrating photovoltaic (CPV) solution is a state-of-the-art technology designed to achieve the highest solar-to-electricity conversion efficiency through an innovative integration of optics and solar tracking. Similar to central station power plants, GreenVolts’ technology enables a low levelized cost of energy, and yet it can be built close to load on the distribution grid, further increasing efficiency and reducing costs. GreenVolts’ low profile design and unparalleled energy density means that it uses less land to produce the same amount of power as other solar technologies and can thus be sited in or near urban centers. Through low cost, high efficiency systems, the company can access large markets previously inaccessible to utility scale solar. For more information about the company, please visit www.greenvolts.com.

About the Cleantech Group, LLC

The Cleantech Group pioneered the clean technology investment category in 2002. Today, it accelerates the development and market adoption of clean technologies globally. The company’s worldwide network of investors, entrepreneurs, enterprises, service providers and others—representing trillions of dollars in assets—receives access to capital, investment deal flow, networking, market leading research and data, sales leads and promotional opportunities. The Cleantech Group also provides advisory services for large corporations and governments, publishes leading cleantech sector industry news coverage and produces the premier Cleantech Forum® events worldwide. Details are available at http://www.cleantech.com.

About the Guardian

The Guardian is a unique voice with an international reach delivering progressive journalism to a global audience. The Guardian’s vision is to be the leader on sustainability within the media industry and to be environmentally regenerative in their activities. Through their editorial coverage and business activities, they demonstrate to readers, staff, advertisers, suppliers and their communities that GNM (Guardian News and Media) is committed to enhancing society’s ability to build a sustainable future.

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GreenVolts Names Solar and High Tech Industry Veteran as Vice President of Engineering

New addition rounds out engineering team to advance the development of leading concentrating photovoltaic system

San Francisco, Calif. – August 19, 2009 - GreenVolts, a leader in the development and commercialization of concentrating photovoltaic (CPV) technology, today announced that Wayne Miller has joined the company as Vice President of Engineering. A recognized pioneer in product design, Wayne will head the product development efforts as the company focuses on further innovation and commercialization of its CPV system.

“Wayne’s decades of experience in product development will help further improve our CPV system as we bring the technology to market,” said Gary Beasley, president and CEO of GreenVolts. “We are thrilled to have such an acknowledged talent leading a growing team of world class engineers from a wide variety of disciplines and industries. As an organization, GreenVolts has nearly doubled in size in the last six months.”

Mr. Miller has a proven 20-year track record designing groundbreaking solar and high technology products. Previously, he was Vice President of Product and BOS (Balance of System) Engineering at Solyndra where he led the company’s product development and field operations team for their non-penetrating cylindrical CIGs thin film solar module. Additionally, he built and led the engineering team at SolFocus where he was responsible for the development of the company’s original concentrating photovoltaic system. Prior, Mr. Miller spent 15 years designing products for high volume production at a number of global technology leading companies, including Credence Systems, Apple Computers, In Focus Systems and AT&T Bell Labs.

Mr. Miller holds 19 patents and has led design on nine products that have been awarded International Design Excellence Awards while at Apple Inc, Credence Systems, and In Focus Systems. He holds a B.S. and a M.S. in Mechanical Engineering from Northeastern University.

“I am inspired by the culture of innovation at GreenVolts and by the team assembled to realize this vast opportunity,” said Mr. Miller. “I look forward to leveraging my experience in photovoltaics and technology development to help design and commercialize GreenVolts’ next generation CPV system. We intend to push the conversion efficiency, energy density and material conservation advantages that concentrating photovoltaics has over all other solar technologies even further.”

GreenVolts’ unique approach to concentrating photovoltaics has been well received within the solar industry. GreenVolts holds a power purchase agreement with Pacific Gas & Electric for a two-megawatt pilot facility in Northern California. GreenVolts has also raised $45 million in venture funds, and recently announced an agreement with the National Renewable Energy Laboratory to co-develop a next generation solar cell. The company’s technology and business model recently earned it a spot on the competitive AlwaysOn Going Green list of the top 100 privately held cleantech companies.

About GreenVolts

GreenVolts, Inc., based in San Francisco, was founded in 2005 to deliver solar power at costs competitive with that derived from fossil fuels. The company’s concentrating photovoltaic (CPV) solution is a state-of-the-art technology designed to achieve the highest solar-to-electricity conversion efficiency through an innovative integration of optics and solar tracking. Similar to central station power plants, GreenVolts’ technology enables a low levelized cost of energy, and yet it can be built close to load on the distribution grid, further increasing efficiency and reducing costs. GreenVolts’ low profile design and unparalleled energy density means that it uses less land to produce the same amount of power as other solar technologies and can thus be sited in or near urban centers. Through low cost, high efficiency systems, the company can access large markets previously inaccessible to utility scale solar.

GreenVolts continues to grow at a rapid rate and is currently seeking additional top engineering talent. To search for open positions and to learn more about the company, please visit us online at www.greenvolts.com.

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Press Contact:
Michael Azzano
Cosmo PR
415/596-1978
michael@cosmo-pr.com

GreenVolts Wins PIER Grant for Low Cost Installation of Concentrating Photovoltaic Proposal

GreenVolts technology and wholesale distributed generation solution earns top ranking in competitive grant program from California Energy Commission

San Francisco, Calif. - Oct. 20, 2008 - GreenVolts (www.greenvolts.com), a leader in concentrating photovoltaic (CPV) technology, today announced that it was the recipient of a $250,000 grant from the California Energy Commission’s Public Interest Energy Research (PIER) Program. GreenVolts’ proposal, entitled Low Cost Installation of Concentrating Photovoltaic, was rated highest among all applicants to this highly competitive grant program.

“This PIER grant is continued validation of our technology and our approach to the marketplace,” said Bob Cart, founder and CEO of GreenVolts. “As evidenced by our GV1 project, we are leading the way towards making the sun a reliable, everyday source of energy through the use of next-generation, high-efficiency CPV technology.”

Currently under construction in Northern California, GV1 is a two-megawatt project that will be completed in 2009 as part of an agreement with Pacific Gas & Electric. GV1 will be a further demonstration of GreenVolts’ ability to install low cost CPV technology that can eventually help produce the world’s lowest cost solar energy on a massive scale.

“California is dedicated to investing in clean, renewable technology. GreenVolts is demonstrating that smart, reliable solar projects can help the state reach its goals of generating 33 percent of our electricity from renewable sources and reducing our greenhouse gas emissions by 2020,” said Energy Commission Chairman Jackalyne Pfannenstiel.

GreenVolts’ proposal was selected as part of the PIER Renewables Solar PV RD&D Grant Solicitation. The California Energy Commission’s Public Interest Energy Research Program supports energy research, development and demonstration (RD&D) projects that will help improve the quality of life in California by bringing environmentally safe, affordable and reliable energy services and products to the marketplace.

Each submitted proposal was screened and reviewed by California Energy Commission staff. The proposals were further examined by independent technical reviewers that are experts in the field. Finally, the Energy Commission’s Technical Advisory Committee reviewed, evaluated and scored applications according to its published criteria. GreenVolts was ranked number one as a result of this process.

GreenVolts was previously awarded a PIER grant for research and development on its two-axis CarouSol tracker for concentrated photovoltaic power plants. The company completed its work as part of that proposal in advance of its second grant proposal.

GreenVolts is a utility-scale solar technology company focused on delivering wholesale-distributed generation solutions that can produce the world’s lowest cost solar energy on a massive scale. The company has developed state-of-the-art concentrating photovoltaic technology that achieves unparalleled solar-to-electricity conversion efficiency through an innovative integration of optics and solar tracking.

Like central station power plants, GreenVolts’ technology is a complete power plant designed for delivering the lowest levelized cost of energy; yet GreenVolts’ power plants are sited close to loads, increasing efficiency and further reducing cost.

For more information about the PIER Program, please visit http://www.energy.ca.gov/pier/.

About GreenVolts

GreenVolts, Inc., based in San Francisco, was founded in 2005 to deliver solar power at costs competitive with that derived from fossil fuels. The company’s breakthrough concentrating photovoltaic technology efficiently integrates tracking and optics into a system that dramatically lowers energy cost. In addition, the low-profile tracker design minimizes issues associated with wind loading and eliminates the need for concrete supports to allow for rapid deployment. Through low cost, high efficiency systems, the company can access large markets previously inaccessible to solar. GreenVolts is currently developing the initial phase of a two-megawatt facility in Byron, California, under a 20-year power purchase agreement with Pacific Gas & Electric.

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GreenVolts Closes $30 Million From Oak Investment Partners in Series B Financing

GreenVolts to deliver world’s largest non-silicon concentrating photovoltaic project in late 2009

San Francisco, Calif. - Sept. 22, 2008 - GreenVolts (www.greenvolts.com), a leader in concentrating photovoltaic (CPV) technology, today announced that it has secured $30 million in Series B funding from Oak Investment Partners.

GreenVolts will use the funds to continue to build out its organization, accelerate its advanced R&D efforts, and scale capacity for anticipated 2009 deployments. A portion of the funds will also be used for its GV1 project, the world’s largest non-silicon CPV power plant built as part of its agreement with Pacific Gas & Electric.

“We will soon be generating energy from the sun at what will be the world’s largest non-silicon CPV power plant,” said Bob Cart, founder and CEO of GreenVolts. “Having a partner like Oak that shares our vision for CPV is a great asset as we make the long-term decisions necessary to meet existing demand while continuing to innovate for the future.”

“GreenVolts has quietly built a company and a technology that will alter the playing field for solar energy,” said Brian Hinman, Venture Partner of Oak Investment Partners. “We believe that over time the GreenVolts system can produce solar energy more efficiently and at a lower levelized cost than competing photovoltaic technologies, dramatically accelerating the adoption timeline for CPV systems.”

GreenVolts is a utility-scale solar technology company focused on delivering wholesale-distributed generation solutions that can produce the world’s lowest cost solar energy on a massive scale. The company has developed state-of-the-art concentrating photovoltaic technology that achieves unparalleled solar-to-electricity conversion efficiency through an innovative integration of optics and solar tracking.

Like central station power plants, GreenVolts’ technology is a complete power plant designed for delivering the lowest levelized cost of energy; yet GreenVolts’ power plants are sited close to loads, increasing efficiency and further reducing cost.

About Oak Investment Partners

Oak Investment Partners is a multi-stage venture capital firm with a total of $8.4 billion in committed capital. The primary investment focus is on high growth opportunities in communications, information technology, internet new media, financial services, clean energy, healthcare services, and consumer retail. Over a 28-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 435 companies at key points in their lifecycle.

About GreenVolts

GreenVolts, Inc., based in San Francisco, was founded in 2005 to deliver solar power at costs competitive with that derived from fossil fuels. The company’s breakthrough concentrating photovoltaic technology efficiently integrates tracking and optics into a system that dramatically lowers energy cost. In addition, the low-profile tracker design minimizes issues associated with wind loading and eliminates the need for concrete supports to allow for rapid deployment. Through low cost, high efficiency systems, the company can access large markets previously inaccessible to solar. GreenVolts is currently developing the initial phase of a two-megawatt facility in Byron, California, under a 20-year power purchase agreement with Pacific Gas & Electric. The company is currently exploring additional deployments for 2009 both within the U.S. and internationally.

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GreenVolts Selected by AlwaysOn as a GoingGreen Top 100 Winner

Utility-scale solar technology company recognized for innovative technology and progress within the industry

SAN FRANCISCO, CALIF. - September 04, 2008 - GreenVolts, a leader in concentrating photovoltaic technology, today announced that it has been chosen by AlwaysOn as one of the GoingGreen Top 100 Winners. Inclusion in the GoingGreen 100 signifies major developments in the creation of new business opportunities in the green technology industries. GreenVolts was specially selected by the AlwaysOn editorial team and other industry experts spanning the globe, based on a set of five criteria: innovation, market potential, commercialization, stakeholder value, and media buzz.

GreenVolts and the GoingGreen Top 100 Companies will be honored at GoingGreen 2008, scheduled to occur on September 15-17, 2008 at Cavallo Point in Sausalito, CA. This two-and-a-half-day executive event will feature CEO presentations and high-level debates on the most promising emerging green technologies and new entrepreneurial opportunities.

“The GoingGreen Top 100 winners have excelled in key strategic areas in the global clean energy technology markets,” said Tony Perkins, founder and CEO of AlwaysOn. “We congratulate them for their success in introducing new tools, services, and systems that are driving the next phase of greentech innovation and transforming the biggest industries on earth.”

GreenVolts is a utility-scale solar technology company delivering wholesale-distributed generation solutions that can produce the world’s lowest cost solar energy on a massive scale. The company has developed state-of-the-art concentrating photovoltaic technology that achieves unparalleled solar-to-electricity conversion efficiency through an innovative integration of optics and solar tracking.

Like central station power plants, GreenVolts’ technology is a complete power plant designed for delivering the lowest levelized cost of energy; yet similar to traditional rooftop solar panels, GreenVolts’ power plants are sited close to loads, increasing efficiency and further reducing cost.

About AlwaysOn

AlwaysOn ignited the open-media revolution in early 2003 by being the first media brand to launch a community blog network. In 2004, AlwaysOn continued to lead the industry in innovation by engaging its bloggers in a social network. AlwaysOn is also revolutionizing the media business by applying its open-media principles to its executive event series (Stanford Summit, OnHollywood, Breakout, OnMedia, GoingGreen, NordicGreen, and Venture Summits East and West) and quarterly print “Blogozine.” No other media brand has dared to create such open interaction with its readers and event participants.

About GreenVolts

GreenVolts, Inc., based in San Francisco, was founded in 2005 to deliver solar power at costs competitive with those derived from fossil fuels. The company’s breakthrough concentrating photovoltaic technology efficiently integrates tracking and optics into a system that dramatically lowers energy cost. In addition, the low-profile tracker design minimizes issues associated with wind loading and eliminates the need for concrete supports to allow for rapid deployment. Through low cost, high efficiency systems, the company can access large markets previously inaccessible to solar. GreenVolts is currently developing the initial phase of a two-megawatt facility in Byron, California, under a 20-year power purchase agreement with Pacific Gas & Electric.

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GREENVOLTS NAMED 2008 RED HERRING 100 WINNER

Utility-Scale Solar Company Recognized for Technology Innovation as One of the 100 Most Promising Private Companies in North America

SAN FRANCISCO, CALIF. - May 14, 2008 - GreenVolts, a leader in utility-scale solar technology for wholesale-distributed generation solutions, today announced its selection as a Red Herring 100 winner, an award that honors the top 100 private technology companies in North America for their innovation.

The Red Herring 100 winners were chosen by the editors of Red Herring from more than 800 applications by companies based in the U.S. and Canada. Winners were selected on the basis of technology innovation, quality of management, breadth of partners and customers, and depth of financial backing. Previous winners of this award include Google, eBay, Salesforce.com and Skype.

“We’re pleased to be acknowledged by Red Herring as an innovative solution to the challenge of the world’s diminishing sources of affordable energy,” said Bob Cart, founder and chief executive officer of GreenVolts, Inc. “Our technology and the unique way in which we deploy it will make solar energy a practical, affordable and scalable way to meet the world’s ever-increasing demand for energy.”

GreenVolts is a utility-scale solar technology company delivering wholesale-distributed generation solutions that can produce the world’s lowest cost solar energy on a massive scale. The company has developed state-of-the-art concentrating photovoltaic technology that achieves unparalleled solar-to-electricity conversion efficiency through an innovative integration of optics and solar tracking.

Like central station power plants, GreenVolts’ technology is a complete power plant designed for delivering the lowest levelized cost of energy; yet similar to traditional rooftop solar panels, GreenVolts’ power plants are sited close to loads, increasing efficiency and further reducing cost.

The 100 winning companies were announced Tuesday, May 13th at the Red Herring North America conference in San Jose, California.

About Red Herring

Red Herring is a global media company which unites the world’s best high technology innovators, venture investors and business decision makers in a variety of forums: a leading innovation magazine, an online daily technology news service, technology newsletters, and major events for technology leaders around the globe. Red Herring provides an insider’s access to the global innovation economy, featuring unparalleled insights on the emerging technologies driving the economy. More information about Red Herring is available on the Internet at www.redherring.com.

About GreenVolts

GreenVolts, Inc., based in San Francisco, was founded in 2005 to deliver solar power at costs competitive with that derived from fossil fuels. The company’s breakthrough high concentrating photovoltaic technology efficiently integrates tracking and optics into a system that dramatically lowers energy cost. Through low cost and high efficiency the company can access large markets previously inaccessible to solar. GreenVolts changes the economics of solar energy.

Press Contact:
Michael Azzano
Cosmo PR for GreenVolts
415/596-1978
michael@cosmo-pr.com

GREENVOLTS secures $10 million Series A financing

Leader in concentrating photovoltaic technology on track to deliver GV1, world’s largest concentrating photovoltaic plant, in late 2008

San Francisco, Calif. - Oct. 30, 2007 - GreenVolts (www.greenvolts.com), a leader in high concentrating photovoltaic technology and wholesale distributed energy, today announced that it has secured $10 million in Series A funding. The company also announced that its CarouSol^TM tracking system has begun producing energy at Avista’s Clean Energy Test Site, and that it is on track for deployment of its GV1 plant in late 2008.

GreenVolts announced these milestones yesterday evening from the stage at the annual California Cleantech Open (CCTO) awards ceremony, held at the Palace of Fine Arts in San Francisco. GreenVolts was the winner in the renewable energy category at last year’s event and received the 2007 CCTO Alumni award this year for progress made in customer acquisition and funding.

GreenVolts concentrated solar technology targets industrial or utility-scale distributed generation applications. The company’s technology maximizes energy yield from high efficiency solar cells, resulting in high energy density. Compared to conventional solar panels, the GreenVolts solution requires less land while producing twice the energy at half the cost. The GreenVolts system does not require large remote tracts of land and associated investments in new transmission lines. GreenVolts’ ability to produce clean power at a levelized cost of energy that is competitive with peak fossil fuel rates is redefining the rules of solar economics.

Earlier this year, GreenVolts was chosen by Pacific Gas & Electric Company to build GV1, a two-megawatt facility that will be the largest concentrating photovoltaic plant in the world when completed. The company is on track to deliver the first phase of this facility in late 2008.

GreenVolts’ Series A round of funding was led by Greenlight Energy Resources, an operator of renewable energy projects and an investor in early stage renewable energy companies, and included Avista Corporation and several other investors.

“Our investment threshold begins with applications that will advance the adoption of renewable energy. GreenVolts’ technology will enable utility-scale solar near the point of use at competitive prices - an important milestone for solar applications,” said Jim Trousdale, Director of Greenlight Energy Resources, Inc. “GreenVolts brings all the major pieces together - a next-generation technology, customer traction, and an experienced management team to grow the business.”

“GreenVolts has shown steady progress on this promising technology with its keen focus on serving utilities and disciplined approach to product development,” said Roger Woodworth, VP for Sustainable Energy Solutions at Avista Utilities and a strategic adviser to GreenVolts. “We’re pleased to continue our support as a minority investor in GreenVolts and its capable leadership team.”

GreenVolts believes that utility-scale distributed generation is the key to a future for clean, renewable energy. The company’s CarouSol tracking system concentrates 625 times the sun onto its solar cells, producing breakthrough efficiency using less land and half the capital investment of competitive technologies. The design of this system also allows it to be plugged into the grid nearer to the demand than any other technology, delivering up to 20MW of solar energy where it is needed most. GreenVolts has designed its system so it can scale production quickly and cheaply.

“We selected Greenlight Energy Resources for this round because we wanted a group of smart, experienced investors with real-world renewable energy experience who could help us build a company positioned for long-term success,” said Bob Cart, founder and CEO of GreenVolts, Inc. “Avista Corp’s understanding of the power markets and grid technologies gives us a great advantage in the marketplace, and they can apply their history of innovation and launching successful companies to help us build industry-specific solutions and technologies.”

About Greenlight Energy Resources, Inc.

Greenlight Energy Resources, Inc. uses proven technologies to produce clean, renewable energy and fuels. The company’s biodiesel, solar and wind power companies help address current energy issues. The company is also engaged in the development of new technologies to convert ocean waves into energy, with an emphasis on utility scale facilities located offshore. Greenlight Energy Resources is an active investor in early-stage renewable energy companies and projects.

About Avista Corp.

Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides service to 348,000 electric and 305,000 natural gas customers in three Western states. Avista’s primary, non-regulated subsidiary is Advantage IQ. Our stock is traded under the ticker symbol “AVA.” For more information about Avista, please visit www.avistacorp.com.

Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation. All other trademarks mentioned in this document are the property of their respective owners.

This news release contains forward-looking statements regarding the company’s current expectations. Forward-looking statements are all statements other than historical facts. Such statements speak only as of the date of the news release and are subject to a variety of risks and uncertainties, many of which are beyond the company’s control, which could cause actual results to differ materially from the expectations. These risks and uncertainties include, in addition to those discussed herein, all of the factors discussed in the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2006, and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2007.

About GreenVolts

GreenVolts, Inc., based in San Francisco, was founded in 2005 to deliver solar power at costs competitive with that derived from fossil fuels. The company’s breakthrough high concentrating photovoltaic technology efficiently integrates tracking and optics into a system that dramatically lowers energy cost. Through low cost and high efficiency the company can access large markets previously inaccessible to solar. GreenVolts changes the economics of solar energy.

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