BrightSource Energy
Encyclopedia
BrightSource Energy is an Oakland, California
, corporation that 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.
Greentech Media
ranked BrightSource as one of the top 10 greentech
startups in the world in 2008.
. It secured $115 million in additional corporate funding from its Series C round of financing in May 2008. This brings the total the company has raised to date to over $160 million. Investors include Google.org
, BP
Alternative Energy, Morgan Stanley
, DBL Investors, Draper Fisher Jurvetson
, Chevron
Technology Ventures, Statoil
Venture, and Black River.
BrightSource Industries (Israel) Ltd., formerly named Luz II Ltd., is a wholly owned subsidiary of BrightSource Energy, Inc. Based in Israel, BrightSource Industries is responsible for solar technology development, plant design and engineering.
In March 2008, BrightSource entered into a series of power purchase agreements with Pacific Gas and Electric Company
(PG&E) for up to 900 MW of electricity. BrightSource is currently developing a number of solar power plants in Southern California, with construction of the first plant planned to start in 2009.
In February 2009, BrightSource contracted to sell power from seven solar power tower
s in the Mojave Desert
to Southern California Edison
(SCE). The plants will have a combined capacity of 1,300 MW, producing 3.7 billion kilowatt-hours per year. The first 100 MW plant, part of BrightSource's 400 MW, 3900 acres (15.8 km²) Ivanpah Solar Power Facility
, could be operating by 2013.
The total cost of the Ivanpah project will be $2.2 billion.
In 2010, BrightSource hired Morgan Stanley and Goldman Sachs to begin preparations for a public offering in 2011. Its fourth round of equity financing in May netted $150 million, bringing total equity financing to $330 million to date.
In April 2011, BrightSource filed with the SEC to raise up to $250 million in an initial public offering.
In April 2011, The Department of Energy closed on a $1.6 billion loan guarantee for BrightSource Energy that will "create or save" 86 permanent operations and maintenance jobs ($18.6 million per job).
In November 2011, Google announced that they would stop investing in CSP projects due to the rapid price decline of photovoltaics
. Google spent $168 million on BrightSource.
and would be on line by 2012.
Oakland, California
Oakland is a major West Coast port city on San Francisco Bay in the U.S. state of California. It is the eighth-largest city in the state with a 2010 population of 390,724...
, corporation that 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.
Greentech Media
Greentech Media
Greentech Media is a startup media company based in Massachusetts, United States, that generates research and news on the green technology market....
ranked BrightSource as one of the top 10 greentech
Environmental technology
Environmental technology or green technology or clean technology is the application of one or more of environmental science, green chemistry, environmental monitoring and electronic devices to monitor, model and conserve the natural environment and resources, and to curb the negative impacts of...
startups in the world in 2008.
History
BrightSource was formed with seed capital from VantagePoint Venture PartnersVantagePoint Venture Partners
VantagePoint Capital Partners is a firm with investments in the cleantech, information technology and healthcare sectors.Founded in 1996, by Alan E. Salzman and Jim Marver, the firm has raised over $4 billion with more than $1 billion dedicated specifically to CleanTech...
. It secured $115 million in additional corporate funding from its Series C round of financing in May 2008. This brings the total the company has raised to date to over $160 million. Investors include Google.org
Google.org
Google.org is the charitable arm of Internet search engine company Google.The organization has committed over $100 million in investments and grants as of May 2010. To fund the organization, Google granted them 3 million shares during their initial public offering. As of August 2011, Google.org's 3...
, BP
BP
BP p.l.c. is a global oil and gas company headquartered in London, United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by revenues and one of the six oil and gas "supermajors"...
Alternative Energy, Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
, DBL Investors, Draper Fisher Jurvetson
Draper Fisher Jurvetson
Draper Fisher Jurvetson is a venture capital firm based in Menlo Park, California with affiliate offices in more than 30 cities around the world and over $7 billion in capital commitments....
, Chevron
Chevron Corporation
Chevron Corporation is an American multinational energy corporation headquartered in San Ramon, California, United States and active in more than 180 countries. It is engaged in every aspect of the oil, gas, and geothermal energy industries, including exploration and production; refining,...
Technology Ventures, Statoil
Statoil
Statoil ASA is a Norwegian petroleum company established in 1972. It merged with Norsk Hydro in 2007 and was known as StatoilHydro until 2009, when the name was changed back to Statoil ASA. The brand Statoil was retained as a chain of fuel stations owned by StatoilHydro...
Venture, and Black River.
BrightSource Industries (Israel) Ltd., formerly named Luz II Ltd., is a wholly owned subsidiary of BrightSource Energy, Inc. Based in Israel, BrightSource Industries is responsible for solar technology development, plant design and engineering.
In March 2008, BrightSource entered into a series of power purchase agreements with Pacific Gas and Electric Company
Pacific Gas and Electric Company
The Pacific Gas and Electric Company , commonly known as PG&E, is the utility that provides natural gas and electricity to most of the northern two-thirds of California, from Bakersfield almost to the Oregon border...
(PG&E) for up to 900 MW of electricity. BrightSource is currently developing a number of solar power plants in Southern California, with construction of the first plant planned to start in 2009.
In February 2009, BrightSource contracted to sell power from seven solar power tower
Solar power tower
The solar power tower is a type of solar furnace using a tower to receive the focused sunlight. It uses an array of flat, movable mirrors to focus the sun's rays upon a collector tower...
s in the Mojave Desert
Mojave Desert
The Mojave Desert occupies a significant portion of southeastern California and smaller parts of central California, southern Nevada, southwestern Utah and northwestern Arizona, in the United States...
to Southern California Edison
Southern California Edison
Southern California Edison , the largest subsidiary of Edison International , is the primary electricity supply company for much of Southern California, USA. It provides 14 million people with electricity...
(SCE). The plants will have a combined capacity of 1,300 MW, producing 3.7 billion kilowatt-hours per year. The first 100 MW plant, part of BrightSource's 400 MW, 3900 acres (15.8 km²) Ivanpah Solar Power Facility
Ivanpah Solar Power Facility
The Ivanpah Solar Electric Generating System, is a $2.2 billion solar thermal power project currently under construction in the California Mojave Desert, southwest of Las Vegas, with a planned capacity of 392 megawatts . The project is developed by BrightSource Energy and Bechtel...
, could be operating by 2013.
The total cost of the Ivanpah project will be $2.2 billion.
In 2010, BrightSource hired Morgan Stanley and Goldman Sachs to begin preparations for a public offering in 2011. Its fourth round of equity financing in May netted $150 million, bringing total equity financing to $330 million to date.
In April 2011, BrightSource filed with the SEC to raise up to $250 million in an initial public offering.
In April 2011, The Department of Energy closed on a $1.6 billion loan guarantee for BrightSource Energy that will "create or save" 86 permanent operations and maintenance jobs ($18.6 million per job).
In November 2011, Google announced that they would stop investing in CSP projects due to the rapid price decline of photovoltaics
Photovoltaics
Photovoltaics is a method of generating electrical power by converting solar radiation into direct current electricity using semiconductors that exhibit the photovoltaic effect. Photovoltaic power generation employs solar panels composed of a number of solar cells containing a photovoltaic material...
. Google spent $168 million on BrightSource.
Coyote Springs Development
BrightSource Energy has plans to build a 960 MW solar thermal power plant in Coyote SpringsCoyote Springs, Nevada
Coyote Springs, Nevada, is a master-planned community being developed in Lincoln County and Clark County, Nevada, by developer and attorney-lobbyist Harvey Whittemore and Pardee Homes.-Current development:...
and would be on line by 2012.
See also
- Solar thermal energySolar thermal energySolar thermal energy is a technology for harnessing solar energy for thermal energy . Solar thermal collectors are classified by the United States Energy Information Administration as low-, medium-, or high-temperature collectors. Low-temperature collectors are flat plates generally used to heat...
- Concentrating solar power
- Solar power towerSolar power towerThe solar power tower is a type of solar furnace using a tower to receive the focused sunlight. It uses an array of flat, movable mirrors to focus the sun's rays upon a collector tower...
- List of solar thermal power stations
- List of concentrating solar thermal power companies