ABB Ltd. (ABB) will be investing approximately $20 million in GreenVolts of California, which is a leading provider of turnkey concentrating photovoltaic (CPV) systems. The amount to be invested is a part of a $35 million financial round for the minority stake in GreenVolts.
GreenVolts’ proprietary technology will be accessed by ABB after the investment. Further, the company will be providing its turnkey solutions for concentrating photovoltaic power plants while delivering its current potential in solar thermal and conventional photovoltaic power plants.
GreenVolts’ CPV system optimizes and integrates field-proven, high-performance components such as proprietary optics and tracking technology into a complete system, providing 30% to 40% higher energy yields in comparison to the traditional panel-based systems. This comprehensive system is more efficient than traditional photovoltaic and thin-film modules.
The CPV system is good at performance, quick to install, easy to operate and economical. ABB has access to global solar markets, which will enable the technology from GreenVolt to be accessed globally. Recently, ABB acquired stake in a leading provider of Linear Fresnel concentrating solar power technology, Novatec Solar. The technology from GreenVolts complements the new acquisition.
Based in Zurich (Switzerland), ABB Ltd. is a global provider of power and automation technologies that enable utility and industry customers to improve performance, while lowering environmental impact. The company serves electric, gas, and water utilities, as well as industrial and commercial customers, with a broad range of products, systems, and services for power transmission, distribution, and power plant automation. The company operates in approximately 100 countries, structuring its global organization into five regions: Europe, Americas, Asia, the Middle East and Africa. A major competitor of ABB Ltd. is Siemens AG (SI).
Currently, we are maintaining a Zacks #3 Rank (short-term Hold recommendation) on ABB Ltd.
