Jerusalem, Israel
BrightSource Energy, Inc. and subsidiary Luz II, Ltd., developers of large scale solar thermal power plants, will dedicate their Solar Energy Development Center (SEDC) in the Negev's Rotem Industrial Park, Israel tomorrow, Thursday, June 12. The dedication of the SEDC is a major milestone in the development of solar energy worldwide. The Center is an operational solar field that will provide the company with the ability to test equipment, materials and procedures as well as construction and operating methods.
"The completion of this project is a tribute to tens of thousands of hours of hard work and dedication from our people -the brightest and most dedicated team of experts in the business," said Arnold Goldman, chairman and founder of BrightSource Energy and Luz II. "It is a testament to the power of the vision shared by everyone who works for this company as well as our partners and suppliers."
This solar field is a scaled cross-section of a typical commercial plant and includes more than 1,600 full-size glass mirrors (heliostats) and a 60 meter tall tower topped by a solar boiler. The power tower and surrounding heliostats concentrate the sun's energy onto the boiler, heating the water inside to 550 degrees C, or over 1000 degrees F. In a commercial plant, the utility-grade superheated steam will be piped from the boiler to a standard turbine where electricity will be generated, all at a much higher operating efficiency and lower cost than other solar power plants. From here, transmission lines would carry the power to homes and businesses. In order to conserve water, BrightSource uses air cooling to convert the steam back into water. The water is then returned to the boiler in a closed loop.
"This is an important step forward for the entire solar industry and for anyone who cares about generating clean energy at significant scale," said John Woolard, chief executive officer of BrightSource Energy. "With the launch of this Center, we are proving that clean energy can be generated reliably, more efficiently, and at lower cost than ever before."
In March, BrightSource entered into a series of power purchase agreements with PG&E for up to 900MW 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 May, BrightSource announced that it had secured $115 million in additional corporate funding from its Series C round of financing, bringing the total the company has raised to date to over $160 million.
Operating more efficiently than older solar thermal methods, and costing much less to build, BrightSource's technology will change the way utilities generate electricity. The solar power plants that BrightSource is actively developing will provide enough electricity to power more than 3.2 million homes and remove emissions equivalent to what is produced by approximately one million cars.
About BrightSource Energy, Inc.
BrightSource Energy, Inc. 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. BrightSource was formed with seed capital from VantagePoint Venture Partners, which has increased its investment steadily over time. Privately held, BrightSource is headquartered in Oakland, California.
Luz II Ltd. is a wholly owned subsidiary of BrightSource Energy, Inc. Based in Israel, Luz II is responsible for solar technology development, plant design and engineering.
Further information about BrightSource Energy and Luz II may be found at www.brightsourceenergy.com.
(C) BrightSource Energy, Inc. All rights reserved. All trademarks are the property of their respective owners.
Source: Business Wire (Business Wire India)