One of the global leaders in concentrating solar thermal technology, BrightSource Energy, has now raised another $80 million dollars in additional equity financing. Its total equity financing now totals more than $615 million, opening up many possibilities for the company to significantly expand and grow.
“BrightSource’s unique technology combines the scale, robustness and stability of conventional power plants with the attractive low-carbon profile of using a solar feedstock,” noted Stephan Dolezalek, Managing Director at VantagePoint. ”In addition, the Company’s model of working closely with global partners including Alstom, Bechtel, NRG, Google and Chevron is how we see the technology of energy evolving.”
The main investors during this latest round of capital-raising were: Alstom, VantagePoint Capital Partners, DFJ, CalSTRS, DBL Investors, Goldman Sachs, Chevron Technology Ventures, and BP Ventures.
BrightSource and Alstom have also expanded their geographic partnerships to develop solar thermal power plants in Australia and India. The companies also announced, back in 2010, plans to develop power plants in Africa and the Mediterranean. This is all in addition to their collaboration on the development of thermal storage and hybridization with fossil fuels.
BrightSource notes: “According to the International Energy Agency (IEA), solar energy, including both Concentrated Solar Thermal Power and Photovoltaics could account for 25% of global electricity by 2050 and cover a third of global energy demand after 2060. Concentrating solar thermal power alone could supply 11.3% of the world’s electricity by 2050.”
Currently, BrightSource Energy is operating a 6MW thermal demonstration facility in the Negev Desert in Israel, and also a 29MW thermal facility for in Coalinga, California.
It is also in the process of constructing the 377MW Ivanpah solar project, as part of its partnership with Google and NRG Energy. That project is currently more than 60% complete. When completed, it will be capable of providing renewable, reliable electricity to more than 140,000 California homes. The company is also in the process of receiving permits for a 500MW project in Rio Mesa, and a 500MW project in Hidden Hills.
Source: BrightSource Energy
For the fate of the sons of men and the fate of beasts is the same; as one dies, so dies the other. They all have the same breath, and man has no advantage over the beasts; for all is vanity. - Ecclesiastes 3:19