San Francisco-based GreenVolts, a developer of utility-scale concentrating photovoltaic (CPV) technology, announced Monday  it has raised $30 million in series B funding from Oak Investment Partners.

The funding will go toward research and development, capacity increases, and for the GV1 project. GV1 is part of an agreement with Pacific Gas & Electric in which GreenVolts plans to build the world’slargest non-silicon CPV power plant.

CPV technology focuses the sun onto solar cells in order to convert the sunlight into electricity.While CPV can be cheaper and more effective (in sunny weather), higher concentrations require more complicated additions such as solar tracking and cooling.

“We believe that over time, the GreenVolts system can produce solar energy more efficiently, and at a lower levelized cost than competing photovoltaic technologies, dramatically accelerating the adoption timeline of CPVs,” said Brian Hinman, a partner at Oak Investment Partners, in a statement.

GreenVolts raised $10 million in series A funding in 2007.