BrightSource Energy designs and develops concentrating solar thermal technology to produce electricity and steam for power, petroleum and process markets. The company operates a 6 MW thermal demonstration facility in Israel and a 29 MW thermal facility for Chevron in Coalinga, California, and is constructing the 377 MW (net) Ivanpah solar project, which is more than 60% complete and expected to provide power to over 140,000 California homes by the end of 2013. Its next two projects, the 500 MW Rio Mesa and 500 MW Hidden Hills, are under review by the California Energy Commission with permitting decisions expected in 2013. BrightSource is collaborating with partners including Alstom on expanded geographic deployments in India and Australia and previously announced partnerships in the Mediterranean Ring and Africa. The company is also pursuing R&D on thermal storage and hybridization with fossil fuels. Financially, BrightSource has raised more than $80 million in additional equity financing, bringing total equity financings to over $615 million to support U.S. builds and international growth. BrightSource Energy develops large-scale solar power tower projects such as the Ivanpah Solar Electric Generating System in the Mojave Desert. The company focuses on utility-scale solar thermal generation and has secured power purchase agreements with major utilities, including Southern California Edison. BrightSource received a $168 million investment from Google’s Green Business Operations team that will be applied specifically to completing the Ivanpah project rather than the company’s broader operations. Google.org had previously invested $10 million three years earlier and took an equity stake. Ivanpah is expected to be completed around 2013, operate for 25 years, and produce about 392 gross megawatts — nearly doubling U.S. solar thermal output when finished. Conservation and Native American groups have filed lawsuits expressing concern about the project’s environmental impact on Mojave habitat and endangered tortoises. BrightSource Energy develops utility-scale solar thermal power plants for utilities. The company has contracts totaling 2,610 megawatts with Pacific Gas and Electric Company and Southern California Edison to build 14 solar power plants in the US southwest by 2016. It raised an additional $150m in its Series D equity financing to support those contracts and to execute international expansion plans. The Series D was led by VantagePoint Venture Partners, Morgan Stanley and Draper Fisher Jurvetson, with new investors Alston (which committed to invest up to $55m) and the California State Teachers Retirement System participating. The new round brings total capital raised to date to more than $300m. BrightSource has operations in the United States, Israel, and Australia.

Total raised

$398M

Funding rounds

3

Latest round

Equity

Latest activity

Oct 2012