GreenVolts  is reportedly planning to raise a significant round of Series B funding of "less than $100 million" later this year.

This development was shared by earth2tech.com, attributing the latest development to chief executive officer Bob Cart.

In an interview earlier this year (shared on company's website), Cart said, "We believe that GreenVolts can change the way utilities and large consumers purchase energy. With advancements in storage and efficient consumption, we believe it is possible to completely change the way Americans obtain and use energy. GreenVolts will be at the center of this change, helping to make it happen quicker and more effectively than previously thought possible."

In October last year, GreenVolts, which focuses on high concentrating photovoltaic technology and wholesale distributed energy, had secured $10 million in Series A funding.

GreenVolts concentrated solar technology targets industrial or utility-scale distributed generation applications. The company's technology maximises energy yield from high efficiency solar cells, resulting in high energy density. According to the company, in comparison with the  conventional solar panels, the GreenVolts solution requires less land while producing twice the energy at half the cost. The GreenVolts system does not require large remote tracts of land and associated investments in new transmission lines. GreenVolts' ability to produce clean power at a levelised cost of energy that is competitive with peak fossil fuel rates is redefining the rules of solar economics.