eSolar Named Southern California’s Top Venture Funded Clean Technology Company
Award from Los Angeles Venture Association Honors $130 Million Investment Round from Oak Investment Partners, Google.org and Idealab
Pasadena, Calif. – January 23, 2009 – Today eSolar, a producer of modular and scalable solar thermal power plants, announced it had received the Best Venture Financing in Clean Technology award from the Los Angeles Venture Association (LAVA). LAVA singled out eSolar as Southern California’s best growth clean technology company for its $130 million investment round announced last April that was led by Oak Investment Partners, Google.org and Idealab.
“We are honored to have our achievements over the past year recognized by LAVA,” said eSolar CEO Bill Gross. “The entrepreneurial spirit is strong in Southern California and we are looking forward to continued growth and success in this vibrant community devoted to innovation.”
In the months after its investment announcement, eSolar also announced the signing of a 245 MW power purchase agreement with Southern California Edison; the licensing of its mirror field technology to Sundrop Fuels, a renewable fuel startup company funded by Kleiner Perkins Caulfield Byers; and a variety of strategic, high-level additions to the company’s executive team.
Now in its sixth year, the LAVA awards were founded to honor Southern California’s best growth companies and built on the organization’s dedication to the development and growth of entrepreneurial ventures from start-up to middle market. Founded in 1985, LAVA is the longest running organization of its kind in Southern California. This year’s awards ceremony recognized a total of seven companies.
eSolar is an Idealab company founded in 2007 to develop, construct and deploy modular, scalable solar thermal power plants. eSolar’s approach marries a low-impact, pre-fabricated form factor with advanced optics and computer software engineering to meet the demands of utilities of any size for clean, renewable and cost-competitive solar energy. By focusing on the key business obstacles that have characterized large solar installations – price, scalability, speed of deployment and grid impact – eSolar has developed a proprietary solution to make a dramatic reduction in the cost of solar thermal technology. eSolar is based in Pasadena, California. For more information please visit www.esolar.com.