BrightSource Energy, Inc., developer of utility-scale solar energy
projects, has secured $115 million in additional corporate funding from
its Series C round of financing, bringing the total the company has
raised to date to over $160 million. These additional funds will enable
the company to accelerate its plans to deliver utility-grade solar power
at a time when many utilities are searching for reliable sources of
renewable energy.
VantagePoint Venture Partners, the company´s
initial investor, played a major role in forming the syndicate, which
includes Google.org, BP Alternative Energy, StatoilHydro Venture and
Black River. All of the company´s existing
investors, including Morgan Stanley, DBL Investors (formerly a
subsidiary of JP Morgan), Draper Fisher Jurvetson, and Chevron
Technology Ventures participated in the round.
"The quality of the investors in this round of
financing, coupled with increased support from our earlier investors
underscores the confidence that major strategic players have in our
ability to reliably generate clean, cost-effective, utility-scale solar
power," said John Woolard, Chief Executive
Officer of BrightSource. "We believe in the
transformational role of solar energy, and that the broad reach of our
new investors will enable us to accelerate the growth of solar thermal
into a mainstream energy source."
"With its unique ability to reliably produce
superheated steam at efficient high temperatures, our power tower
technology is the strongest commercially viable approach to solar energy," said Arnold Goldman, Chairman and Founder, BrightSource Energy, Inc. and
Luz II Ltd. "Operating more efficiently than
older solar thermal methods, and costing much less to build, our
technology will change the way utilities generate electricity."
In March 2008, BrightSource entered into a series of power purchase
agreements with PG&E for up to 900MW of electricity. BrightSource is
currently developing a number of solar power plants in the Mojave Desert
of Southern California, with construction of the first plant planned to
start in 2009.
"In working closely with BrightSource over
the past several years, they have greatly impressed us with their
commitment to efficiency and technological prowess," said Alan Salzman, Managing Partner of VantagePoint Venture Partners. "The
work that we are helping finance is both an extraordinary business
opportunity and a catalyst for transformative change to the energy world
as we know it. It is exciting to be part of it."
About BrightSource Energy, Inc.
BrightSource Energy, Inc. designs, builds, finances and operates
utility-scale solar power plants that deliver clean, low-cost solar
energy to utility and industrial customers worldwide at prices that
compete with fossil fuels. BrightSource´s
plants utilize its innovative, proprietary technology, based on the
proven power tower concept, to directly produce very high temperature
steam to drive a standard steam turbine to generate electricity. BrightSource
enables the reduction of dependency on fossil fuels by providing an
alternative clean source of power during periods of peak usage.
BrightSource was formed with seed capital from VantagePoint Venture
Partners, which has increased its investment steadily over time.
Privately held, BrightSource is headquartered in Oakland, California.
Luz II Ltd. is a wholly owned subsidiary of BrightSource Energy, Inc. Based in Israel, Luz II is responsible for solar technology
development, plant design and engineering, and the supply of the solar
fields for BrightSource plants.
Further information about BrightSource and Luz II may be found at www.brightsourceenergy.com.
© BrightSource Energy, Inc. All rights
reserved. All trademarks are the property of their respective owners.
