GreenVolts is starting fundraising for their Series B round of funding. The three-year-old start-up isn't looking for quite the impressive funding that other solar startups have aimed for — and received — this year. GreenVolts' CEO, Bob Cart, spoke with earth2tech and mentioned that the company is hoping to raise "less than $100 million."

During GreenVolts' Series A fundraising last October, the company raised $10 million, from Greenlight Energy Resources and a number of other investors. At that point, GreenVolts looked like a good investment on the basis of their win in the 2006 California Cleantech Open, along with an alumni award in the same competition for the most progress in 2007.

They look like an even better investment now. GreenVolts has a 20-year purchase power agreement with PG&E. They will be building a 2MW solar power plant to fulfill that contract. GreenVolts' photovoltaic solar systems — known as the CarouSol system due to its two-asxis sun-tracking platform — are also earning a reputation for high efficiency, inexpensive installations and quick deployments. GreenVolts has said that, usingin their system, solar power's price is comparable with that of natural gas. The company has also continued to win awards and was named to the Red Herring 100 this spring.

Image — GreenVolts