BrightSource Energy Inc. Raises $150 million Funds

BrightSource-EnergyOn Thursday, Solar thermal company, BrightSource Energy Inc. that recently succeeded in getting a $1.37 billion federal loan guarantee, said that it has lifted $150 million in its very recent round of funding.

The company that includes search engine giant, Google amongst its investors, said that the money would be utilized in accomplishing the company's indentures to supply over 2,600 megawatts of power to California utilities PG&E Corp. and Edison International's Southern California Edison.

The privately owned organization, with operations in the United States, Israel and Australia, also intends to develop globally with the aid of the funds raised.

With the latest round, BrightSource has now over $300 million in equity funding.

Solar thermal technology is dissimilar from its well-known opponent, rooftop photovoltaic.

Solar thermal firms such as BrightSource and competitors, Abengoa Solar and eSolar Inc. have technology, which makes use of the sun's rays, reflected by a large number of small mirrors, to heat up fluids to generate steam in turbines and produce electricity.

Funding of solar projects has been a big challenge with the tapering of the credit markets since capital prerequisites of these green energy firms are very big.

French power and transportation company, Alstom that has promised to invest about $55 million as part of the agreement and the California State Teachers Retirement System participated in the Series D round.