QBotix Announces Over 80 Megawatts of Projects Under Contract Globally
Comes on the heels of backing by E.ON, Iberdrola and other global energy leaders
SAN FRANCISCO, July 8, 2014 /PRNewswire/ — QBotix, which delivers up to 20 percent improvements in solar PV project economics with the optimized Robotic Tracking System (RTS), today announced at Intersolar North America (Booth #9711) that it has more than 80 megawatts (MW) of solar projects under contract, with several already under construction.
QBotix has had a recent string of announcements that showcase its momentum in 2014. The most notable being the company’s May announcement of $12 million in Series B financing, with E.ON and Iberdrola (Inversiones Financieras Perseo, S.L.) joining existing investors, New Enterprise Associates, Firelake Capital Management, Draper Nexus and Siemens Ventures, in the funding round.
“With over 80 MW under contract so far and more on the horizon, QBotix is gaining significant commercial traction,” said Wasiq Bokhari, QBotix Founder and CEO. “We are also very excited to work with major energy companies like E.ON and Iberdrola, as investors and strategic partners. The involvement of global energy leaders like these validates the QBotix technology, value proposition, and bankability.”
E.ON and Iberdrola are among the largest global energy companies with wholesale power generation utility divisions providing electricity to residential, commercial and industrial customers across four continents. As energy leaders, they realize that as PV costs stabilize, subsidies recede and grid-parity is achieved in markets globally, the long-term technology winners in solar are those that can deliver more energy at less cost.
Additionally, electricity providers realize that the optimized dual-axis tracking with a “square” daily power profile as provided by the RTS is best suited to address the opportunities and challenges associated with grid integration of solar with smart grid and storage applications.
QBotix also announced this year a 45 MW supply agreement with UK-based developer Castillium, a successful completion of its $1 million U.S. Department of Energy (DOE) SunShot Initiative award project, its first independent engineering (IE) report and its inclusion in Fast Company’s list of the world’s top 10 most innovative companies in robotics.
The company’s 80 MW announcement also highlights its international reach. QBotix has installed systems in the U.S. and Japan, and is actively developing additional projects in the U.S., Europe, Latin America and Australia.
In addition to exhibiting (Booth #9711) at Intersolar, QBotix will be offering a NABCEP accredited RTS training program and inviting PV system designers to join on Thursday, July 10(th). QBotix is an active participant in the solar trade show circuit and will also be exhibiting at Solar Power International 2014.
QBotix creates rugged, intelligent, mobile robots for their optimized tracker system that dramatically improve project economics in the commercial and utility-scale solar power plant sectors. Using the new paradigm of solar robotics, the QBotix Robotic Tracking System (RTS) delivers project cost savings up to 20%, high system reliability and flexibility of installation.