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Print Edition StoriesWednesday, July 15, 2009
GreenRay lands $2M for affordable solar power
By Mass High Tech staff
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GreenRay Inc., the Lincoln startup developing affordable solar energy for the residential market, has closed on a $2 million Series A financing round. California’s Quercus Trust and New York’s 21Ventures co-led the round.
GreenRay develops solar AC modules with fewer parts and simplified installation as a means of lowering cost. The funding will be applied to the manufacturing, distribution and commercial launch of GreenRay’s solar AC module.
Founded in 2006, Westford-based GreenRay has received $3.5 million in funding from the U.S. Department of Energy and from a SEED investment from the Massachusetts Renewable Energy Trust.
The company is headed by 30-year solar energy research veteran Miles Russell. Russell left Schott Solar Inc., where he served as a director of systems development, to co-found GreenRay, along with a team of former Schott Solar employees.
In May 2007, GreenRay placed third in MIT’s Ignite Clean Energy competition. At the time, Russell said it would be two years before a product launch.
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