VC Cash Rains on BrightSource

by Ken Schachter on 14 May 2008, 13:50

Categories: Archives - General news - Cleantech - Finance
Topics: google , bp , Draper Fisher Jurvetson , VantagePoint , eSolar , BrightSource , StatoilHydro , Black River

 
BrightSource Energy’s vision of building utility-scale solar energy plants in the Mojave Desert got a little clearer Wednesday when the company announced a $115 million venture round.

Funding the Oakland, California, company’s C round were VantagePoint Venture Partners, Google’s philanthropic arm, BP’s alternative energy unit, StatoilHydro Venture and Black River. VantagePoint was BrightSource’s original investor. Other prior investors Morgan Stanley, DBL Investors (the former JP Morgan unit), Draper Fisher Jurvetson and Chevron Technology Ventures also took part.

The funding comes two months after BrightSource cut distribution deals with PG&E to supply up to 900MW of electricity. BrightSource’s plans to start construction in the Southern California desert in 2009.

The fresh funding brings the total take of BrightSource to $160 million over three rounds.

BrightSource, whose Israeli subsidiary provides technology, plant design and engineering, is planning a system that uses heliostats to aim mirrors along the sun’s track and reflect the light onto a tower where heated water turns to steam and powers a turbine.

In April, Pasadena, California-based eSolar, a maker of small-scale solar power plants, landed $130 million from Google.org, Idealab and Oak Investment Partners.