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Energy Innovations Secures $16.5 Million

Energy Innovations, Inc., currently developing the world’s first low-cost rooftop photovoltaic (PV) solar concentrator system, has received $16.5 million in new venture funding. The round was led by MDV-Mohr Davidow Ventures, based in Menlo Park, CA, with additional participation from founding investor, Idealab, based in Pasadena, CA. The new funds will be used to further the company’s sales and product development initiatives and for company operations. Said MDV general partner Erik Straser, who will join the Energy Innovations board of directors, “They have made some important breakthroughs that have the potential to drive down the cost of solar electricity, and we look forward to working with them on commercializing these new technologies.” Energy Innovations is developing a new low-cost rooftop solar system, called the Sunflower. Each Sunflower module is composed of an array of mirrors that track the sun throughout the day and year, concentrating its light onto a small panel of PV cells that generate electricity. By replacing large amounts of very expensive, silicon-based PV cells with inexpensive mirrors, Energy Innovations expects to drive down the cost of solar electricity by half or more. The company is currently testing the Sunflower on its own roof in Pasadena and will […]

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U.S. Senate Finance Committee Reports Energy Tax Package with 30% Solar Tax Credit

This week, the Senate Finance Committee approved a tax package that includes the strongest incentives for solar energy in over 20 years. The bill expands the existing 10% commercial tax credit to 30% for all property placed in service after December 31, 2005 and before January 1, 2010. The tax credit returns to 10% in 2010. This tax credit is available for all solar technologies, including PV, concentrating solar power, solar water heating, and solar hybrid lighting. The bill also creates the first residential tax credits for solar energy in the last 23 years! Residential consumers will enjoy a 30% tax credit for the installation of PV and solar water heating systems, capped at $2000. These provisions were passed with strong, bipartisan support. Having passed the Senate Finance Committee, the tax package will now be considered by the full Senate as an amendment to the energy bill. The Senate will continue markup of the Energy Bill next week and have scheduled a final vote on the bill for June 24th. In early July, the House and the Senate will work through Conference Committee to resolve differences between their respective energy bills. The Joint Committee on Taxation estimated that the solar […]

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