Power and automation technology group, ABB has agreed to invest $20m for a substantial minority stake in US-based concentrating photovoltaic (CPV) system, GreenVolts.
The investment was made through ABB Technology Ventures, ABB's venture capital arm, in $35m funding that includes existing GreenVolts investor, Oak Investment Partners.
ABB through this investment will gain access to GreenVolts proprietary technology and can now offer turnkey solutions for CPV plants in addition to its current capabilities in solar thermal and conventional photovoltaic power plants.
The CPV system of GreenVolts is, according to the company, more efficient compared to the traditional photovoltaic and thin-film modules.
GreenVolts delivers energy yields that can be 30-40% higher than traditional panel-based systems as it employs components with proprietary optics and tracking technology into a complete system.
Peter Leupp, ABB power systems division head, said the technology combines simplicity and precision with performance, fast installation, easy operation and low production costs.
"Our extensive footprint, which covers all key solar markets in the world, will help us to make this technology globally accessible," said Leupp.
GreenVolts president and CEO David Gudmundson said the company's fully integrated photovoltaic system is an industry game-changer.
"Every component was carefully designed to work together in a turnkey solution that reduces the cost and complexity of solar projects," added Gudmundson.
The company's solar 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, a leading provider of Linear Fresnel in the concentrating of solar power technology.
Caption: ABB to acquire stake in concentrating photovoltaic (CPV) system, GreenVolts