ABB Ltd. (Zurich, Switzerland) announced that it has agreed to invest about USD 20 million for a substantial minority stake in California-based GreenVolts, which provides turnkey concentrating photovoltaic (CPV) systems.
ABB's investment is as part of a USD 35 million financial round. The investment, which was made through ABB's venture capital arm ABB Technology Ventures, gives ABB access to GreenVolts' proprietary technology and can now offer turnkey solutions for concentrating photovoltaic power plants in addition to its current capabilities in solar thermal and conventional photovoltaic power plants.
"The technology combines simplicity and precision with unmatched performance, fast installation, easy operation and low cost of production," said Peter Leupp, head of ABB's Power Systems division.
"Our extensive footprint, which covers all key solar markets in the world, will help us to make this technology globally accessible."
GreenVolts' CPV systems are designed to meet the operational requirements of a wide range of applications for utilities and industries as well as commercial, agricultural and public sector customers. The technology complements ABB's recent acquisition of a stake in Novatec Solar.