Solar Thermal Firm (Molten Salt-Based) Raises $140 Million In New Funding

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Solar power plant manufacturer SolarReserve has announced that it has raised a fresh $140m, chiefly from renewable investment funds Citi Alternative Investments, and Good Energies. The company will use the funds to speed up development of 5GW of new, utility scale, solar power plants.

California-based SolarReserve holds the patent on molten salt power solar technology. The energy storage system works by using mirrors in a two square mile field to focus the sun's thermal energy on a tower where it heats molten salt. This salt is then used to create steam which drives a turbine to produce electricity. Importantly, the molten salt can also retains its heat throughout the night, ensuring it can still be used to produce electricity even after the the sun has gone down.

Terry Murphy, president and chief executive of SolarReserve said that the system had been independently tested and was now ready for a wider roll out. " The molten salt power tower was thoroughly validated by the Department of Energy at the Solar Two pilot plant and it's ready for worldwide deployment," he said.

A large number of firms, such as BrightSource Energy in the US and Fotowatio in Spain, are working on utility scale solar farms, but Citi managing director R. Andrew de Pass insisted that the patented salt system made SolarReserve stand out. "The technology backing by United Technologies Corp and the ability of the system to store energy differentiates SolarReserve from other alternative technologies and has the ability to replace conventional fuel burning power plants," he said.

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http://www.businessgreen.com/business-green/news/2226245/solar-tower-company-gets-140m