eSolar develops modular, scalable concentrating solar power (CSP) and power tower systems that combine prefabricated collector hardware with advanced software to cut field construction costs and cycle times. Its core product emphasizes a low-impact, pre-fabricated form factor and design-for-manufacturing to achieve breakthrough cost reductions for the solar collector system. The company is building a next-generation heliostat, the SCS5, which aims to maximize use of standard high-volume components, reduce the number of system elements and improve construction efficiency. eSolar also integrates molten salt-based on-site energy storage to enable dispatchable power and to allow reuse of produced water for applications such as enhanced oil recovery. The firm is pursuing non-power markets as well, including steam for enhanced oil recovery, water desalination and industrial process heat. eSolar announced a $22 million funding tranche to support SCS5 development and expansion into the Middle East and North Africa. eSolar develops next-generation, tower-based concentrating solar thermal technology using small, flat prefabricated heliostats controlled by advanced software to focus sunlight on a central receiver. Its architecture emphasizes modular fields that are scalable, enable rapid deployment and aim to lower costs versus traditional trough technology. The company’s technology generates high-temperature steam that can be fed into a power block or integrated with combined-cycle plants to boost output. eSolar has partnered with GE to integrate its tower technology into GE’s FlexEfficiency 50 combined-cycle offering and to enable Integrated Solar Combined Cycle (ISCC) plants. The collaboration is intended to produce more efficient, reliable power and reduce fossil fuel use and CO2 emissions compared with current baseload plants. eSolar was founded in 2007 and is based in Burbank, California. Financial terms of the investment are not disclosed; GE will become a minority shareholder under the deal. eSolar develops solar-thermal technology and continues to focus on building large-scale power plants rather than pivoting solely to equipment sales. The company is working on a demonstration solar-thermal plant in southern California to serve as a model for future commercial-scale facilities. Recently it sold rights to build 500 megawatts of solar-thermal plants to NRG Energy for $10 million in equity and licensed technology to India’s Acme Group for plants totaling 1,000 megawatts. In exchange for the Acme license, Acme will invest $30 million in Pasadena-based eSolar, and CEO Bill Gross said the cash will be used to fund current U.S. projects. In the last year eSolar raised $130 million from Google.org, Idealab and Oak Investment Partners. The company is positioned to continue plant construction despite a frozen credit market that has pushed many peers toward equipment sales.

Total raised

$52M

Funding rounds

3

Latest round

Equity

Latest activity

Sep 2013