Friday, February 17, 2012
Report: Idealab's Energy Innovations Up For Sale
Pasadena-based Energy Innovations, the Idealab startup working on concentrating photovoltaic solar systems, is looking for a buyer, according to a report Friday. GreenTechMedia, an industry publication covering the green technology and solar industry, reports that Energy Innovations is in the midst of being acquired by a strategic investor. The report quoted un-named sources close to the firm. Energy Innovations is backed by both Idealab and Mohr Davidow Ventures. The firm develops concentrating photovoltaic (CPV) systems, which use mirrors to concentrate sunlight onto solar cells, a technique which makes better use of limited space for solar panels. The company had been targeting the commercial market--particularly, office buildings and retail locations--with its offerings.