GE Invests Up to $40 Million in eSolar, Takes Partnership to Next Level
Concentrating Solar Power Investment
GE and eSolar were already business partners thanks to a licensing agreement with GE Energy, but they've decided to take their relationship to the next level and tie the knot more officially. GE is doing a "strategic investment" of up to $40 million in the Pasadena company. GE no doubt likes concentrating solar power (CSP) because it integrates well with natural gas (GE is a gas turbine maker)...
"Our partnership with GE moves our innovative technology to the next stage. Together, we are able to bring to market a power plant solution that drives down the cost of solar and meets the growing demand for renewable energy generation," said John Van Scoter, President and CEO of eSolar. "Building on our proven technology, this investment will fund the development of next-generation, modular solutions that enhance the cost competitiveness of solar, such as molten salt storage technology. We welcome Mr. Browning to our board as a valuable asset in driving the strategic direction of the company during this time of rapid growth."
Through a licensing agreement, GE was granted exclusive worldwide rights to eSolar's modular technology for ISCC, excluding China and India. Together the two companies are targeting Europe, Africa, the Middle East and the United States, and are working on a 530 MW project in Turkey with Turkish investor and power project developer MetCap Energy, which will feature 50 MW of eSolar concentrated solar thermal tower technology integrated with GE's new FlexEfficiency 50 Combined Cycle Power Plant. eSolar is working to evaluate additional projects which the company expects to announce in the near future.
See also: Think Big! Arizona Solar Tower 2X Taller Than the Empire State Building Will Produce 200 Megawatts
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