Plug pulled on concentrated PV developer GreenVolts 13 Sep 2012 Californian company suspends operations with immediate effect,adding to wider CPV concerns.
CPV,GreenVolts-style
GreenVolts,the Fremont,California,start-up that has been developing its own version of concentrated photovoltaics(CPV)technology,has suspended its operations,effective immediately.
In an announcement dated September 11,the company said that all of its current marketing,sales and manufacturing efforts would cease,reducing its workforce to a small team that will provide customer support.
'A sudden,and unexpected,change in direction from a major strategic investor has affected GreenVolts's access to funding,'the company said in a brief statement.
'This turn of events is especially surprising given the recent positive announcements and support from the customers and partners of GreenVolts.The impact was at the last minute and so severe that GreenVolts cannot continue normal operation.'
Chinese burn
Although many PV and CPV companies in the West are under pressure as rivals in China continue to slash the cost of silicon-based PV modules,GreenVolts had appeared to be in a relatively healthy situation.
As recently as last week,the key GreenVolts investor and Switzerland-based power generation giant ABB'which provided$20 million of a$35 million funding round for GreenVolts last December'said that it would introduce'the world's first fully integrated solar power generation plant controller and smart grid interface'as part of its CPV system at the Solar Power International conference and exhibition being held in Orlando this week.
In its statement,GreenVolts did not specify whether ABB was the'major strategic investor'to have pulled the plug on the company,but according to an article published by Gigaom quoting CEO David Gudmondson,that was indeed the case.The same article says that the current staff of 80 will be cut to just 20.
