eSolar raises USD 22m for expansion to MENA

Sep 18, 2013 - US concentrating solar power (CSP) specialist eSolar Inc said Tuesday it had secured USD 22 million (EUR 16.5m) in a funding round to back its expansion to the Middle East and North Africa (MENA) and advance the SCS5 device.

Existing supporters participated in the financing tranche, including US multi-stage venture capital firm Oak Investment Partners.

eSolar explained that it had identified possible applications for its CSP technology for the production of steam for use in enhanced oil recovery (EOR) activities in the MENA region. In addition, the molten salt-based, on-site energy storage capacity of the company’s product will allow for the reuse of produced water from the oilfield “offering a key differentiator” to possible eSolar customers in the EOR segment.

A portion of the proceeds from the latest financing round will go for the development of the next-generation SCS5 device. The company explained that the solution can enhance further the economics and construction efficiency of CSP power plants by bolstering the use of standard high-volume components and cutting the number of system elements.

Choose your newsletter by Renewables Now. Join for free!