Start-up solar company, Solaren has raised $600,000 from investors for its space-based solar power plant.
The information about the investors is not yet available. However,this is a small step forward for the start-up company which haspreviously raised $1.3 million. Nevertheless, investment in Solaren iswell below the "billions" CEO Gary Spirnak wants to raise for hiscompany.
Financing for Solaren will need to pick up steam in a hurry–thecompany has said it will be able to deliver 200 megawatts of solarpower from space to the Pacific Gas & Electric Company by 2016.
The large sums of money Solaren needs may be hard to find. Venturecapital investment in the start-up solar companies has dwindled thisyear. Furthermore, many are skeptical of Solaren’s plans. As BurtonLee, co-founder of the Space Angels Network highlights, "as of now,there remain major unsolved technical issues with this type of project."
Japan’s space agency (JAXA) is also seeking to set up an space-basedsolar power plant. However, JAXA says it will have nothing availableuntil at least 2030.
Read the full story at Reuters: Space Panel Maker is Out of this World