SolarReserve Obtains $140,000,000 Series B Funding

Feed Type
Link
http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=4c4db418-f1ff-4a87-842f-cb4fffe33cf2&Preview=1
Date
9/16/2008
Company Name
SolarReserve
Mailing Address
2425 Olympic Blvd. Santa Monica, CA 90404
Company Description
SolarReserve was formed to solve two of the fundamental barriers of renewable energy: scalability and storage. Unlike hydroelectric, geothermal, biomass, and other renewable energy technologies that use limited renewable fuel sources, SolarReserve’s power plants draw their heat from the sun – earth’s ultimate source of clean energy. And unlike wind and photovoltaics, SolarReserve’s power plants can deliver power whenever it is needed, either 24 hours per day or only during “peak” demand. By overcoming these two key barriers, SolarReserve enables utility-scale, clean, renewable electricity generation.
Website
http://www.solar-reserve.com
Transaction Type
Venture Equity
Transaction Amount
$140,000,000
Transaction Round
Series B
Proceeds Purposes
Funding will support the development of large scale solar energy projects in the US and internationally, each project capable of providing electricity for up to 100,000 homes.
M&A Terms
Venture Investor
Citi
Venture Investor
Good Energies Inc.
Venture Investor
PCG Clean Energy & Technology Fund