GE to invest up to $40m in eSolar
GE and eSolar in partnership to drive renewable technology
eSolar, a leading developer of modular, scalable concentrating solar thermal power technology, announced today that in addition to its licensing agreement with GE Energy, GE has closed a strategic investment in the company. As part of the deal Paul Browning, president and CEO of Thermal Products, for GE Energy, will join the eSolar board of directors.
“Our partnership with GE moves our innovative technology to the next stage. Together, we are able to bring to market a power plant solution that drives down the cost of solar and meets the growing demand for renewable energy generation,” said John Van Scoter, President and CEO of eSolar. “Building on our proven technology, this investment will fund the development of next-generation, modular solutions that enhance the cost competitiveness of solar, such as molten salt storage technology. We welcome Mr. Browning to our board as a valuable asset in driving the strategic direction of the company during this time of rapid growth.”
GE recently unveiled its Integrated Solar Combined Cycle (ISCC) power plant—a highly efficient and cost-effective power plant solution that couples eSolar’s innovative solar thermal technology with GE’s fleet of combined cycle products. When combined with GE’s recently announced FlexEfficiency 50 Combined Cycle Power Plant technology, ISCC power plants are capable of delivering fuel efficiencies in excess of 70 percent.
“Adding eSolar’s high temperature tower technology to our combined cycle product offering allows us to offer an integrated solution with unparalleled efficiency, full dispatchability, and a market competitive cost of electricity,” said Browning. “It allows us to offer a power plant that creates more value for customers.”
He added, “Intermittent renewable energy has always worked in tandem with flexible natural gas through grid integration. As renewable uptake increases around the world, we recognize the need for combined cycle gas turbine technology that delivers both flexibility and world class efficiency. We believe that this combination of flexible and efficient gas with renewables can help meet near and long term global targets for climate change, cost and reliability. It is the future of power generation.”