GreenVolts

About GreenVolts

Founded in 2005 by former internet marketing executive Bob Cart, GreenVolts, Inc. emerged as a contender in the concentrating photovoltaic (CPV) sector. The company aimed to provide a complete, fully integrated solar system designed for industrial or utility-scale distributed generation applications. GreenVolts’ core product was its CarouSol system, a high-concentration photovoltaic (HCPV) solution featuring a two-axis tracker that followed the sun to maximize energy capture. This system used lenses and mirrors to concentrate sunlight by as much as 1,300 times onto small, highly efficient multi-junction solar cells, which was intended to produce more energy from less land compared to traditional flat-panel photovoltaics.

The company's business model focused on being a single-source provider, supplying all components from modules and trackers to inverters and energy management software. This approach was intended to streamline project planning, installation, and operation for its clients, which included utilities and large commercial customers. A notable early milestone was securing a deal with Pacific Gas & Electric to construct a 2-megawatt power plant. Over its lifespan, GreenVolts raised over $100 million from investors like Oak Investment Partners and Greenlight Energy Resources.

Despite its technology and significant funding, GreenVolts faced considerable market headwinds. The sharp decline in the price of conventional silicon solar panels made it difficult for the more complex and expensive CPV technology to compete. In 2012, after a management change that saw David Gudmundson replace Bob Cart as CEO, the company secured a strategic $20 million investment from the Swiss power and automation giant ABB. However, this partnership was short-lived. Citing challenging market conditions and an oversupply of solar panels, ABB unexpectedly withdrew its financial support later that year. This sudden loss of funding was a critical blow, forcing GreenVolts to suspend marketing, sales, and manufacturing operations in September 2012 and lay off most of its workforce, ultimately leading to the company's closure.