EBC

Environmental Business Cluster

June 16th, 2009

San Jose, CA

GreenVolts Appoints Executive Chairman

San Francisco, Calif. - April 14, 2009 - GreenVolts, a leader in concentrating photovoltaic technology, today announced that company founder Bob Cart has been promoted to a fulltime position as Executive Chairman.  Mr. Cart will also serve as Chairman of the Board of Directors.

In this new role, Mr. Cart will focus on the strategic vision and direction of GreenVolts. This will include work on government relations and strategic alliances.  Chief Financial Officer Gary Beasley has assumed the additional responsibilities of President and Chief Executive Officer on an interim basis.

“We are at a natural evolution point in the maturation of this company, and it made sense to allow others to focus on the day-to-day operations of the company so that I could keep my eyes trained on the broader vision and future for GreenVolts,” said Mr. Cart.

“This new role is perfectly suited to Bob’s expertise and vision,” said Brian Hinman, a member of the GreenVolts Board of Directors.  “We are excited that in this way he will be better able to share the GreenVolts story with a much larger audience.  We are also very confident in Gary’s ability to help the company accomplish its agenda over the next stage.”

Mr. Cart founded GreenVolts in 2005 after several successful stints as a founder and Chief Executive Officer at a number of other ventures. He developed the technology and business plan behind GreenVolts after maintaining and troubleshooting commercially available solar panels used for his sea voyage from San Francisco to New Zealand.

The company’s innovative approach to concentrating photovoltaics has been well received within the solar industry.  GreenVolts has a power purchase agreement with Pacific Gas & Electric for a two megawatt pilot facility in Northern California. GreenVolts has also raised $44 million to date, and recently announced an agreement with the National Renewable Energy Laboratory to co-develop a next generation solar cell.

“I look forward to working closely with Bob and the rest of the team as we continue to make progress on his vision for GreenVolts,” said Mr. Beasley. “As a company, we will remain focused on making significant improvements to our technology, advancing our solar cell initiative with NREL, and building the most talented team in the industry.”

Mr. Beasley has served as GreenVolts’ CFO for the past year. Previously, he was President and Chief Financial Officer for ZipRealty, Inc., where he helped develop and execute the company’s innovative business model while leading it through a successful IPO. Prior to that, Mr. Beasley was with KSL Resorts, a luxury resort affiliate of Kohlberg Kravis Roberts & Co., where he helped negotiate and execute nearly $800 million worth of acquisitions.   In addition, he holds a BA in Economics from Northwestern University and an MBA from the Stanford Graduate School of Business.

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 technology efficiently integrates tracking and optics into a system that lowers the cost of energy. 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 new markets.

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GreenVolts and U.S. Department of Energy’s National Renewable Energy Lab to Collaborate on Commercialization of IMM Multi-Junction Solar Cell Technology

DOE commits $500,000 to advance the commercialization of NREL’s technology licensed by GreenVolts, capable of producing higher efficiency, improved manufacturability, and lower cost solar energy

San Francisco, Calif. - March 16, 2009 - GreenVolts, a leader in concentrating photovoltaic technology, today announced that it has entered into a development relationship with the National Renewable Energy Laboratory (NREL) to commercialize the Inverted Metamorphic (IMM) advanced multi-junction solar cell design. The Department of Energy has committed $500,000 for GreenVolts to co-develop NREL’s patents and bring this new technology to market. Additionally, GreenVolts has signed a licensing agreement with NREL to commercialize their patents.

The purpose of this two-year agreement is to transfer NREL’s IMM solar cell technology to GreenVolts so that the company can develop a customized cell tailored to its optical system, and accelerate the widespread commercialization of the technology through its high volume manufacturing partners. The development agreement will be completed in multiple phases, each of which will build towards GreenVolts delivering a customized, reliable IMM device cost effectively fabricated at high volume.

“We believe this new IMM technology is key to a tremendous leap forward in solar cell efficiency,” NREL Director Dan Arvizu said. “We are pleased to be working with GreenVolts to both refine these advancements and provide for a viable way to bring them to market.”

The NREL IMM technology has demonstrated one of the world’s highest reported solar cell efficiencies at 40.8 percent, and holds the promise for even further substantial increases. A customized solar cell will enable GreenVolts to optimize its concentrating photovoltaic system by increasing efficiency and reliability while reducing the overall cost of energy.

“This is an exciting opportunity to make significant advancements in the performance of solar cell technology,” said Bob Cart, founder and CEO of GreenVolts. “We look forward to working closely with NREL to develop a quality high volume, low cost manufacturing process to ensure that this next generation technology will be readily available.”

Under a Cooperative Research and Development Agreement (CRADA), technical representatives from both parties cooperate to make important technical advancements. Throughout the CRADA, NREL will provide necessary technology specifications and process information as well as advice and assistance in the device optimization and technology transfer. NREL will also provide test and measurement services to qualify the results of the transfer process, including its reliability.

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 lowers the cost of energy. 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.

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Watch the video at PBS.org

Read the full transcript here

GreenVolts

San Francisco
Founder: Bob Cart
VC Investment over the last four quarters: $30.1 million

GreenVolts, a 40-employee solar photovoltaic company designed to supply clean energy to utility customers, has raised a total of $45 million in venture capital, including more than $30 million in the last four quarters. Founded in 2005, the company expects to demonstrate the technology on a small scale in order to prove its model before rolling out larger projects that will require more funding.

Key to startup success: “The company’s commitment to innovation helps it remain distinct from the crowd, while its emphasis on execution over hype builds credibility and trust with the outside world. These are values appropriate for any company committed to long-term success.”

See the video at UCTV: http://www.uctv.tv/search-details.asp?showID=15705

By Matt Nauman
Mercury News
BYRON — On a flat patch of ground in the middle of the brown, rolling hills near the intersection of Interstates 580 and 205, a new solar technology readies for its launch.

GreenVolts, a 4-year-old San Francisco company, is building a 2-megawatt facility here to demonstrate the commercial viability of its concentrating photovoltaic (CPV) technology.

Pacific Gas & Electric already has agreed to buy the electricity from GreenVolts’ GV1 facility, enough for about 1,500 homes. It’s scheduled to be up and running by the end of 2009.

Although not as well-known as rooftop solar systems, and deployed at a smaller scale than the huge solar-thermal plants planned by local companies such as Ausra of Palo Alto, GreenVolts’ technology has lots of potential as a source of renewable power.

“It’s in hot, sunny areas of the planet where our technology makes the most sense,” said Bob Cart, chairman and chief executive of the 40-employee start-up. “We get the maximum harvest of sunlight with the highest efficiency.”

Located where Contra Costa, Alameda and San Joaquin counties meet, the 21-acre GV1 is less than a mile from the new Mountain House community and its 8,000 residents. Its residents will use the power that the solar facility generates — and there’s no need for new transmission lines.

“You keep the power local,” said Mark Krausse, PG&E’s director of state agency relations, who has visited the site. “We can get renewable power for our rate payers at a very modest cost.”

The centerpiece of GreenVolts’ GV1 is 230 CarouSol devices, each of which is a 19-foot-wide metal frame holding 176 mirrors that magnify the sun rays 625 times and reflect them onto a composite solar cell. The light is so intense that those constructing the site carry dark goggles so they don’t look directly at the solar cells.

“It’s like looking at the sun, and you can damage your eye,” Cart said.

Each CarouSol is a two-axis tracker, meaning the entire device rotates to track the sun and each mirror tilts to follow the sun as well. The technology allows GreenVolts to produce about twice the amount of energy on the same amount of land as rival solar technologies, Cart said.

So far, mirrors and solar cells have been installed on a handful of trackers, enough to generate 18 kilowatts of electricity.

Cart describes concentrating photovoltaic technology as a cross between the more familiar rooftop PV systems and huge solar thermal plants that will generate power from desert sun.

“We’re using concentrating optics in the same way solar thermal does, but rather than heating a liquid that then makes steam that then drives a conventional turbine, we’re putting (the sun’s rays) right at the focal point of the PV material,” he said. “That allows us to convert the energy with less work.”

While a typical rooftop residential or commercial PV system might generate 5 to 100 kilowatts, a CPV facility will range from 1 to 20 megawatts. A solar thermal plant will generate 100 or more megawatts.

The size makes CPV better suited for cities looking to add power sources on small plots of land, Cart said, as well as prisons and college campuses seeking extra power during peak periods when the sun is shining and energy demands are high. His company also sees remote villages that have no electricity grid as potential customers for GreenVolts technology.

Concentrating photovoltaic technology has gotten more than $350 million in venture-capital funding since 2005, but it’s overshadowed by both solar thermal and traditional and nontraditional photovoltaic technologies, said Greentech Media researcher Eric Wesoff.

He tracks more than three dozen companies in the space, including Cool Earth Solar of Livermore and SolFocus of Mountain View. That company said Monday that it signed a $103 million deal with EMPE Solar, a Spanish company, to construct a 10-megawatt project by the end of 2010. GreenVolts recently closed a $30 million venture round.

“The dawn of large-scale concentrating solar power is here, and the forecast shows very few clouds in the sky,” Wesoff wrote in an April report on the technology. Still, he forecast that CPV will emerge as a niche technology, accounting for just 6.2 percent of the solar market in 2020.

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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Slides for Craig’s Presentation to the California Energy Commission

Industry Leaders Forecast Dramatic Growth in the U.S. Solar Market by 2016 with Extension of Credit

WASHINGTON – Today, by a vote of 263 to 171, the U.S. House of Representatives passed historic legislation that extends the 30-percent federal investment tax credit for both residential and commercial solar installations for 8 years. This landmark legislation is part of H.R. 1424, the Emergency Economic Stabilization Act of 2008, designed to address the U.S. financial crisis. It is the most significant federal policy ever enacted for the solar industry. President Bush has vowed to sign the bill into law. The Senate passed the bill on Wednesday night. 

“This bill is a major step in our long journey toward energy independence and ensures that solar energy will be a significant part of America’s energy future,” said SEIA president Rhone Resch. “This long-term extension of the solar tax credits will create a domestic solar industry with hundreds of thousands of jobs while providing clean, affordable, carbon-free energy to millions of American families, businesses, and communities.” 

“On behalf of the 60,000 Americans employed by the solar energy industry, we would like to thank Leaders Reid and McConnell and Senators Baucus, Grassley, Cantwell and Ensign for their dogged support of the solar tax credit extension. In the House we are thankful to Leaders Pelosi, Hoyer, Boehner, and Blunt, and Chairman Rangel, Ranking Republican McCrery and Rep. Camp among many others who have long worked to bring solar energy to the mainstream. These leaders have broken through partisan politics and have provided a bright future for solar energy in the United States,” said Resch. 

“By passing this bill, Congress has finally given the solar energy industry ‘policy certainty’ that will attract investment, expand manufacturing and lower the cost of solar energy to consumers,” said Roger Efird, SEIA chairman and president of Suntech America, a leading Chinese solar power manufacturing company. “This will allow companies like mine to move forward with expansion plans to serve the growing U.S. market.” 

“This bill puts the sun to work for every American,” added Resch. “And by 2016, we expect solar energy to be the least expensive source of electricity for consumers.”

The solar investment tax credit (ITC) provisions will:

• Extend for 8 years the 30-percent tax credit for both residential and commercial solar installations;
• Eliminate the $2,000 monetary cap for residential solar electric installations, creating a true 30-percent tax credit (effective for property placed in service after December 31, 2008);
• Eliminate the prohibition on utilities from benefiting from the credit;
• Allow Alternative Minimum Tax (AMT) filers, both businesses and individuals, to take the credit;
• Authorize $800 million for clean energy bonds for renewable energy generating facilities, including solar.

The solar tax credits were originally enacted in the 2005 and have created unprecedented growth in the U.S. The amount of solar electric capacity installed in 2007 was double that installed in 2006.

“Over the last 2 years, these tax credits have turned the solar industry from a small, cottage industry into an economic engine for America. Electricians, plumbers, roofers and construction workers can now get back to work. These jobs are the backbone of the American economy and the solar industry is creating them at a time when they are needed the most,” said Resch. 

According to a new economic study by Navigant Consulting, Inc., the 8-year extension of the ITC will create 440,000 permanent jobs and unleash $325 billion in private investment in the solar industry. This study did not factor in elimination of $2,000 monetary cap on the residential credit, so the actual job creation and investment could be even greater.

“This is a big boost for the residential market in particular, allowing homeowners to contribute to our nation’s energy independence,” said Efird. “It also opens the floodgates for building large, utility-scale solar power projects that need longer timeframes to complete.”

To date, there are 27 such utility-scale solar power projects totaling 5,400 megawatts of power in various stages of development; most were on hold due to uncertainty surrounding the expiring tax credits. 

Because solar energy components are manufactured near their markets, this extension will create manufacturing and installation jobs in all 50 states. The states that will enjoy the largest economic boost are California, Florida, Arizona, New Mexico, Nevada, New Jersey, Massachusetts, New York, Oregon, and Washington.

Similarly, the economies of Pennsylvania, Michigan, Ohio and the rest of the Great Lakes region will grow significantly as a result of the extension. This area of the country has suffered greatly from a huge decline in jobs in the automotive and traditional manufacturing industries.

According to the same study, more than 28 gigawatts of electricity will be produced from solar energy by 2016 – enough to power more than 7 million homes. 

“Success has not come easy. It required a strategic campaign that included dedicated SEIA staff, a committed board, and active membership all focused on one goal. It took seven votes in the House and 10 votes in the Senate, but in the end, Congress came through. This effort has established SEIA as a major energy player on Capitol Hill,” said Resch. “We have a lot of opportunity in front of us and will be back next year to work on critical issues such as transmission infrastructure, renewable electricity standards, and combating global warming.”

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Contact: 
Monique Hanis, 202-682-0556, ext. 4, mhanis@seia.org  
Jared Blanton, 202-682-0556, ext. 96, jblanton@seia.org   
Mark Sokolove (Tiger Communications), 703-302-8382, mark@tigercomm.us  

Background Resources:

9.15.08 Navigant Consulting, Inc. “Economic Impacts of Extending Federal Solar Tax Credits”:
http://seia.org/galleries/pdf/Navigant%20Consulting%20Report%209.15.08.pdf  

H.R. 1424 Bill Summary:
http://seia.org/galleries/pdf/HR_1424_Solar_Memo.pdf  

H.R. 1424 Full Bill Text:
http://seia.org/galleries/pdf/Fin_Stab_Bill_Text.pdf  

Background on the ITC:
http://seia.org/cs/federal_issues/itc_resources  

2007 Solar Energy Industry Year in Review:
http://seia.org/galleries/pdf/Year_in_Review_2007_sm.pdf  

House Solar Voting Scorecard:
http://seia.org/galleries/pdf/House_Score_Sheet_110_Congress_new.pdf   

Senate Solar Voting Scorecard:
http://seia.org/galleries/pdf/Senate_Score_Sheet_110_Congress.pdf  

About SEIA:
Solar Energy Industries Association is the national trade association of 750 solar energy manufacturers, project developers, distributors, contractors, installers, architects, consultants and financiers. Established in 1974, SEIA works to expand the use of solar technologies in the global marketplace, strengthen research and development, remove market barriers, and improve education and outreach for solar. Learn more at www.seia.org.