eSolar Named World Economic Forum Technology Pioneer 2010

Award Honors Company’s Innovation and Global Impact

PASADENA, Calif. – December 3, 2009 – The World Economic Forum announced today that eSolar, a leading provider of modular, scalable solar thermal power technology, was selected as a Technology Pioneer 2010. This prestigious award recognizes eSolar’s technological innovation and global commitment to delivering a low-cost clean energy alternative to fossil fuels.

“We’re at an historic point in time when technology can finally enable clean, renewable energy at a price competitive with fossil fuels,” said Bill Gross, Founder and CEO of eSolar. “For the last 200 years, man burned everything he could to power the planet. Now, before it’s too late, we can make the switch and usher in a new era of low-cost solar energy. eSolar is honored to be recognized by the World Economic Forum as a Technology Pioneer working to make this happen.” From over 300 applicants, eSolar was one of just 26 companies named as a Technology Pioneer 2010 by the World Economic Forum’s international committee of 58 technology experts.

“Entrepreneurship, innovation and technology have always played a key role in shaping and improving society. This proves to be even more the case during times of crisis, similar to the one the world faced this past year during the biggest recession in almost a century. New companies are already planting the seeds of recovery and the next wave of growth and progress,” said André Schneider, Managing Director and Chief Operating Officer of the World Economic Forum.

eSolar’s technology resolves many of the issues that have traditionally hampered utility-scale solar power: cost, speed of deployment, and proximity to existing transmission lines. Through the use of advanced software algorithms that precisely focus thousands of mirrors on a single point, eSolar’s technology efficiently harvests the sun’s energy to achieve a breakthrough low-cost solution.

The Technology Pioneer 2010 award caps off a year in which eSolar launched Sierra SunTower, a commercial-scale solar power plant located in Lancaster, Calif., that currently delivers 5 megawatts of electricity to Southern California Edison. Other company milestones include an agreement with NRG Energy Inc., providing up to 465 MW of plants in California and the Southwestern United States, a licensing deal with the ACME Group to develop 1 GW of plants in India, and the establishment of a sales operation in South Africa.

About eSolar

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.

 

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