SOURCE: GreenVolts

October 20, 2008 08:05 ET

GreenVolts Wins PIER Grant for Low Cost Installation of Concentrating Photovoltaic Proposal

GreenVolts Technology and Wholesale Distributed Generation Solution Earns Top Ranking in Competitive Grant Program From California Energy Commission

SAN FRANCISCO, CA--(Marketwire - October 20, 2008) - GreenVolts (www.greenvolts.com), a leader in concentrating photovoltaic (CPV) technology, today announced that it was the recipient of a $250,000 grant from the California Energy Commission's Public Interest Energy Research (PIER) Program. GreenVolts' proposal, entitled Low Cost Installation of Concentrating Photovoltaic, was rated highest among all applicants to this highly competitive grant program.

"This PIER grant is continued validation of our technology and our approach to the marketplace," said Bob Cart, founder and CEO of GreenVolts. "As evidenced by our GV1 project, we are leading the way towards making the sun a reliable, everyday source of energy through the use of next-generation, high-efficiency CPV technology."

Currently under construction in Northern California, GV1 is a two-megawatt project that will be completed in 2009 as part of an agreement with Pacific Gas & Electric. GV1 will be a further demonstration of GreenVolts' ability to install low cost CPV technology that can eventually help produce the world's lowest cost solar energy on a massive scale.

"California is dedicated to investing in clean, renewable technology. GreenVolts is demonstrating that smart, reliable solar projects can help the state reach its goals of generating 33 percent of our electricity from renewable sources and reducing our greenhouse gas emissions by 2020," said Energy Commission Chairman Jackalyne Pfannenstiel.

GreenVolts' proposal was selected as part of the PIER Renewables Solar PV RD&D Grant Solicitation. The California Energy Commission's Public Interest Energy Research Program supports energy research, development and demonstration (RD&D) projects that will help improve the quality of life in California by bringing environmentally safe, affordable and reliable energy services and products to the marketplace.

Each submitted proposal was screened and reviewed by California Energy Commission staff. The proposals were further examined by independent technical reviewers that are experts in the field. Finally, the Energy Commission's Technical Advisory Committee reviewed, evaluated and scored applications according to its published criteria. GreenVolts was ranked number one as a result of this process.

GreenVolts was previously awarded a PIER grant for research and development on its two-axis CarouSol tracker for concentrated photovoltaic power plants. The company completed its work as part of that proposal in advance of its second grant proposal.

GreenVolts is a utility-scale solar technology company focused on delivering wholesale-distributed generation solutions that can produce the world's lowest cost solar energy on a massive scale. The company has developed state-of-the-art concentrating photovoltaic technology that achieves unparalleled solar-to-electricity conversion efficiency through an innovative integration of optics and solar tracking.

Like central station power plants, GreenVolts' technology is a complete power plant designed for delivering the lowest levelized cost of energy; yet GreenVolts' power plants are sited close to loads, increasing efficiency and further reducing cost.

For more information about the PIER Program, please visit http://www.energy.ca.gov/pier/.

About GreenVolts

GreenVolts, Inc., based in San Francisco, was founded in 2005 to deliver solar power at costs competitive with that derived from fossil fuels. The company's breakthrough concentrating photovoltaic technology efficiently integrates tracking and optics into a system that dramatically lowers energy cost. In addition, the low-profile tracker design minimizes issues associated with wind loading and eliminates the need for concrete supports to allow for rapid deployment. Through low cost, high efficiency systems, the company can access large markets previously inaccessible to solar.

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