brightsource

BrightSource Energy plans to raise $250 million from the stock market to build a pipeline of utility-scale solar power projects.

The Oakland, Calif.-based company on Friday filed its S-1 document with the SEC, laying out its business model and the risks of building large-scale energy projects in desert areas. BrightSource Energy is one of the few green-tech companies started last decade to seek to go public, which will be a test for investors' interest in its solar thermal technology.

The S-1 notes that BrightSource Energy's technical team has deep roots in concentrating solar thermal projects, with hundreds of … Read more

BrightSource Energy today said that it has received the final approvals from the Bureau of Land Management needed to build a solar power plant in California using solar "power tower" technology.

The company expects to start building the Ivanpah Solar Electric Generation System, which will have a capacity of 392 megawatts, later this year and complete the work in 2012.

The Ivanpah plant is one of nine large-scale solar projects working through the federal permitting process for building on public land. The BLM yesterday gave approval for two other solar projects to built on public lands, also in … Read more

Solar thermal power could be close to a breakthrough in the U.S. market, but only if developers can shave costs to beat back competition from photovoltaic solar systems and attract the huge sums needed to finance the renewable energy plants.

While the new technology has been touted as a solution toward moving the United States away from its dependence on fossil fuels, it has so far stumbled because of the high price tag for the massive plants.

Solar thermal companies like BrightSource Energy and eSolar, both of which count search giant Google among their investors, and Spain's Abengoa Solar, … Read more

BrightSource Energy has raised $150 million to fund the construction of large solar power plants in the southwest U.S. over the next six years, the company said Thursday.

New investors in the Oakland, Calif.-based company include the California State Teachers Retirement System and Alstom, the France-based conglomerate that develops power generation and rail projects. Existing investors VantagePoint Venture Partners, Morgan Stanley, and Draper Fisher Jurvetson also funded the series D round, which brings the total equity raised for BrightSource Energy to more than $300 million.

The money will be used to develop a planned 2,610 megawatts of … Read more

The United States on Monday gave its biggest backing yet to a renewable energy project, guaranteeing $1.37 billion in loans for a California development by BrightSource Energy that uses the sun's heat to power a steam turbine.

BrightSource's proposed solar thermal plants are expected to generate about 400 megawatts of electricity and power about 140,000 California homes, giving it the heft to compete with plants fueled by coal and natural gas.

President Obama's administration has touted green energy investments as a way to create jobs and increase international economic competitiveness.

"We're not going … Read more

Solar power, it turns out, can mean more than just clean electrons and home hot water systems.

Chevron on Friday disclosed plans to use solar thermal technology from BrightSource Energy to enhance oil recovery from an aging well in central California.

The system will use 7,000 mirrors on Chevron-owned land to reflect light onto a tower to make steam. The steam will be pumped underground to heat up heavy oils and make them easier to extract, according to a Reuters report. Right now, Chevron uses natural gas to make steam.

Concentrating solar power has emerged as one of the … Read more

Utility Southern California Edison on Wednesday announced a giant solar energy contract with BrightSource Energy, which could eventually result in powering 845,000 homes with the sun's energy.

Through a series of seven projects, SCE intends to purchase up to 1,300 megawatts of electricity from BrightSource Energy's solar towers that use heat to produce electricity.

Although the companies didn't provide a price tag for the deal, it's one of the biggest solar energy contracts to date in the U.S. and a validation of solar tower technology. The project still needs to be approved by … Read more

BrightSource Energy has raised $115 million, a hefty vote of confidence for its solar power tower technology that converts heat to electricity.

Investors included Google.org, the philanthropic arm of Google, as well as VantagePoint Venture Partners, BP Alternative Energy, Statoil Hydro Venture, and Cargill subsidiary Black River. Existing investors DBL Investors, Draper Fisher Jurvetson, and Chevron Technology Ventures also participated in the Series C round.

BrightSource designs and operates solar power plants aimed at utilities that need to invest in renewable energy. Pacific Gas & Electric said in March it will purchase up to 900 megawatts from BrightSource solar … Read more

That ancient, inefficient heating/air conditioning system in your building might be worth something someday.

Pacific Gas & Electric CEO Pete Darbee said in a briefing with reporters Tuesday that the utility is working with government officials to see if there is a way to create a fund that gives building owners financial incentives to replace old compressors, pumps, and other building equipment with new, energy-efficient versions.

Building owners want to get rid of this old equipment, he explained, but the capital requirements are a big hurdle. The program could be structured in a way so that it could be … Read more