BrightSource Grabs Another $80M for CSP
BrightSource Energy, a concentrating solar thermal technology firm, just announced that it raised more than $80 million in equity financing, bringing its total equity financing to more than $615 million.
The funding was led by existing investors Alstom and VantagePoint Capital Partners along with DFJ, CalSTRS, DBL Investors, Goldman Sachs, Chevron Technology Ventures and BP Ventures et al. No new investors were added in this round.
In April of this year, BrightSource pulled its IPO registration statement with the SEC, almost a year after registering, claiming that “the continued market and economic volatility are not optimal conditions for an IPO.” Rumors were rampant in the days before withdrawing the IPO that the company was having trouble making its book as it sought to raise up to $182.5 million in its initial public offering.
Existing investors are keeping the company going and construction at the flagship Ivanpah project is continuing full speed ahead.
A release from the company has the firm expanding “geographic partnerships to build solar thermal power plants in India and Australia.”
Stephan Dolezalek, Managing Director at VantagePoint wrote in a release,“With its Ivanpah plant nearing completion, BrightSource is demonstrating the important role that large scale solar thermal power will play in providing clean, cost-effective and reliable power to the American grid.
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