Posted on 09/12/2012 8:21:26 PM PDT by bruinbirdman
After raising more than $100 million over the past seven years, GreenVolts, a California startup that makes concentrating photovoltaic systems, has closed its doors after a major investor abruptly withdrew financial support for the company.
“A sudden, and unexpected, change in direction from a major strategic investor has affected GreenVolts’ access to funding,” the company said Wednesday in a statement, referring to ABB, the Swiss power and automation giant. “The impact was at the last minute and so severe that GreenVolts cannot continue normal operation and has reduced its workforce to a small team to provide customer support and engage other options, including working with potential buyers of the system, technology and IP.”
News of GreenVolt’s closure was first reported by Greentech Media.
GreenVolts, based in Fremont, Calif., is the latest maker of advanced solar technology to fall on hard times as an industry shakeout continues. The startup’s concentrating photovoltaic systems use lens to focus sunlight on arrays of high efficiency solar cells. Such systems, which are designed to be deployed as ground-mounted solar power plants, can generate much as much as 40% more electricity than conventional solar panels like those found on residential rooftops.
But concentrating photovoltaic, or CPV, technology is expensive and as the cost of solar panels plunged 75% over the past three years companies like GreenVolts have found it increasingly difficult to compete. For instance, CPV competitor Amonix earlier this year shuttered its Nevada factory.
I first wrote about GreenVolts back in 2007 when the company was operating from a small office suite in downtown San Francisco. Founded by a former Internet marketing executive named Bob Cart, GreenVolts had won a startup contest and managed to secure a deal with a small utility in Spokane, Wash., to build a prototype power plant
(Excerpt) Read more at forbes.com ...
When these sham green companies “happen, just HAPPEN” to go bankrupt, where does all that money go?
Seems like someone (wish I had the money) should buy all those SOLYNDRA solar tubes, and stick them on these concentrators.
Put those solar panels that work off IR and other frequencies other than visible light on the back side, and you’d have one hell of a power source.
Sur-prise!
There is no alternative energy source I know of right now that is competitive with the Big 4 - coal, nuke, oil, and natural gas.
Methane digesters, if designed right, are probably the only one but all the manure on the planet wouldn’t dent our energy needs. Switchgrass on occasion, none others I’m aware of except for rare exceptions that only apply to special situations not available to the general public.
Until we can come up with some source based on some other kind of nuclear reaction - we’re stuck with the Big 4 unless you want Grandma freezing in her home.
The Solyndra tube were destroyed, lest anyone buy them.
The Obambi-CrapMobile.....
“When these sham green companies “happen, just HAPPEN” to go bankrupt, where does all that money go?”
Crony capitalism, with some of the money flowing back into the dimoKKKRAT coffers.
“small team” = those top insiders who have been enjoying big paychecks courtesy of Uncle Sam and who hope to find a way for that to continue, somehow. “Solar Panel Executive” is not exactly on the top of The Ladders search ;-)
Where have all the solars gone... Long time passing... When will they ever learn... When will they ever learn?
I think it was done by the Kingston Trio, wasn't it?
Powerless alternatives ping!!!
yitbos
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