Thursday, September 13, 2012

Report: Sun Sets On GreenVolts

Fremont-based GreenVolts, a developer of concentrating photovoltaic equipment, is being shut down, as one of its investors has pulled the plug, according to a report today. GreentechMedia said that the firm, which raised $105M in venture capital, let most of its employees go after investor ABB pulled its support for the company. The firm had last raised funding in December of 2011, when ABB invested $35M in the company. GreenVolts other backers were Avista, Greenlight Energy Resources, and Oak Investment Partners.