David Gelbaum, has taken over as chief executive officer of Entech Solar, a Fort Worth, Texas-based developer of concentrating solar modules. Gelbaum knows the company well for being one of its major investor via his cleantech-focused venture capital fund Quercus Trust. Read More »
GreenRay has closed its first round of venture capital financing, raising some $2 million from secretive venture fund Quercus Trust and co-investor 21Ventures, the New York-based clean tech venture and private equity fund.
The Westford, Mass., outfit has been backed by a $500,00 loan from the Massachusetts Renewable Energy Trust, secured in 2008 and a $3.5 million research grant from the Department of Energy, which it won two years ago, reports Xconomy.
GreenRay has developed technology that is deployed on solar panels that turns solar power from DC power into AC power, which can be used in the home and pushed into the electric grid, the company explained in a statement released this morning.
Both 21Ventures and Quercus Trust are veteran clean tech investors. 21Ventures’ solar portfolio also includes 3GSolar, Applied Solar, Entech Solar and Lightwave Power.
Excluding its investment in GreenRay, GreenTechMedia reports that Newport Beach, Calif., Quercus is also invested in 11 solar companies. They include: Ascent Solar, Open Energy Cyrium and Akeena — Readers email GER with any insight on Quercus.
