eSolar Announces $22M in Funding
Company to capture enhanced oil recovery market in MENA region with advanced heliostat design and molten salt energy storage
BURBANK, Calif. – September 20, 2013 – eSolar®, a leading developer of modular, scalable concentrating solar power (CSP) technology, has closed a $22 million funding tranche from existing investors including Oak Investment Partners. This funding supports eSolar’s expansion into the Middle East and North Africa (MENA) region, as well as development on its next-generation heliostat, the SCS5.
eSolar’s highly efficient CSP solution is designed to minimize solar field construction costs, complexities and cycle times. The SCS5 further improves the economics and construction efficiency of these power plants by maximizing use of standard high volume components, reducing the number of system elements and embracing leading edge design-for-manufacturing techniques.
The company is currently exploring new applications for its next-generation technology in the MENA region, where CSP plants can be used to produce steam for use in enhanced oil recovery (EOR) applications.
“Demand for solar thermal technology in the oil industry is surging, and eSolar’s dispatchable power block is an ideal solution for enhanced oil recovery in these remote environments,” said Bandel Carano, managing partner of Oak Investment Partners. “eSolar has made tremendous strides in lowering the cost of its technology while broadening its applications, and we see significant growth potential for the company across numerous markets in years to come.”
eSolar’s molten salt-based, on-site energy storage capabilities also enable the reuse of produced water from the oilfield, offering a key differentiator to potential customers in the EOR space.
“eSolar has always committed itself to developing innovative solutions that expand the market for concentrating solar thermal power, whether it’s used to create electricity or process steam,” said John Van Scoter, CEO of eSolar. “This funding round marks an endorsement of our technology roadmap, and we’re excited to move forward with our partners to pursue projects in the booming MENA region.”
eSolar was founded in 2007 to develop modular and scalable solar thermal power plant technology. The eSolar solution marries a low-impact, pre-fabricated form factor with advanced computer software engineering yielding break-through cost reductions for the solar collector system. eSolar’s highly efficient power tower design meets the demand for reliable, dispatchable and cost competitive solar power, and is well-suited for non-power generating markets, such as enhanced oil recovery, water desalination and industrial process heat applications. eSolar is based in Burbank, California. For more information, please visit www.esolar.com.
About Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm and a lead investor in the next generation of enduring growth companies. Since 1978, the firm has invested $9 billion in nearly 500 companies around the world, earning the trust of entrepreneurs with a senior team that delivers steady guidance, deep domain expertise and a consistent investment philosophy. The firm’s five major growth sectors of focus are information technology, Internet and consumer, financial services technology, healthcare services and clean energy. For more information, visit www.oakvc.com.