Green

BrightSource raises $89M out of planned $100M for solar thermal

Successful CMOs achieve growth by leveraging technology. Join us for GrowthBeat Summit on June 1-2 in Boston, where we'll discuss how to merge creativity with technology to drive growth. Space is limited. Request your personal invitation here!

Solar thermal company BrightSource Energy has raised $89.5 million out of a planned $100 million round, according to an SEC filing.

Last summer, the company set out to raise $215 million and closed on $176 million of it as of June of last year. It also announced in May it had raised $150 million in equity financing from investors that included Alstrom, Draper Fisher Jurveston, Morgan Stanley and VantagePoint. The company is perennially bandied around as an IPO candidate, with a couple of folks betting that this will be the year.

BrightSource has been flying high on a few successes, last year landing a $1.37 billion loan guarantee from the Department of Energy for its Ivanpah project, a 392-megawatt solar project that could generate enough energy to power up to 140,000 homes. The project is currently underway and uses BrightSource’s solar thermal technology, which involves using a field of mirrors in the Mojave Desert to reflect sunlight onto a point on “power towers” that contain liquid that can be heated to generate the steam that turns electrical turbines (pictured).

Power plant company NRG Energy has pledged to invest $300 million over the next three years in the Ivanpah project. And PG&E and Southern California Edison have all signed 20 to 25-year power purchase agreements to buy electricity generated at the site.

BrightSource  also has a deal with Chevron to build a 29-megawatt solar thermal plant at the site of one of Chevron’s oil fields in California.


VentureBeat’s VB Insight team is studying marketing analytics... Chime in here, and we’ll share the results.