ABB is investing around $20m (£12.9m) in GreenVolts, a provider of turnkey concentrating photovoltaic systems.
The investment is part of a $35m financial round that will give ABB a substantial minority stake in the California-based company.
Through the investment, ABB gains access to GreenVolts’ proprietary technology and can now offer turnkey solutions for concentrating photovoltaic power plants, in addition to its current capabilities in solar thermal and conventional photovoltaic power plants.
According to a statement, GreenVolts’ CPV system is more efficient than traditional photovoltaic and thin-film modules. By optimising and integrating field-proven, high-performance components, such as proprietary optics and tracking technology, into a complete system, GreenVolts delivers energy yields that can be 30 to 40 per cent higher than traditional panel-based systems.
GreenVolts’ solar systems are reportedly designed to meet the operational requirements of a range of applications for utilities and industries, as well as commercial, agricultural and public sector customers.
The technology complements ABB’s recent acquisition of a stake in Novatec Solar, a provider of Linear Fresnel concentrating solar-power technology.
The investment was made through ABB Technology Ventures, ABB’s venture capital arm, in a funding round that includes existing GreenVolts investor Oak Investment Partners.