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.

###

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.

###

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.

###

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.

# # #

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.

###

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.

###

NREL Partnering with GreenVolts to Commercialize IMM Solar Cell

March 31, 2009

NREL is partnering with GreenVolts to commercialize the Inverted Metamorphic (IMM) advanced multi-junction solar cell design. Through its Technology Commercialization and Deployment Fund, the U.S. Department of Energy has committed $500,000 for GreenVolts to co-develop NREL’s patents and bring this new technology to market.

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

Throughout a two-year cooperative research and development agreement, 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. GreenVolts plans to develop a customized cell tailored to its optical system, accelerating the widespread commercialization of the technology through its high-volume manufacturing partners.

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