SolarReserve is a solar energy company that develops utility-scale concentrating solar power plants with integrated molten salt thermal energy storage technology. SolarReserve was co-founded by Terry Murphy with US Renewables Group in 2007 as a scale model of a solar power tower; Rocketdyne technology developed as a spinoff of its work for NASA. The technology was furthered by US Renewables Group in partnership with United Technologies Corporation (UTC).This is a privately held company.
The company has its headquarters in Santa Monica, California, US. It also has offices in UK, Spain and South Africa.
Business line, products and service offerings:
SolarReserve builds power plants designed as Solar Power Towers. This configuration (concentrating solar power plants) captures and focuses (concentrates) the sun's thermal energy with thousands of tracking mirrors (called heliostats) in a two square mile field. A tower resides in the center of the heliostat field. The heliostats focus concentrated sunlight on a receiver which sits on top of the tower. Within the receiver, the concentrated sunlight heats molten salt to over 1,000 degrees Fahrenheit.
Exhibit: SolarReserve Solar Power Tower Technology
SolarReserve’s power plants can generate electricity continuously as requested by the utility to meet peak demand requirements – day or night and during poor weather periods. This could include 24-hour per day generation if required by the utility.
The key technology that the company relies on is SolarReserve’s inherent thermal storage system that provides operating stability and solves the problem of intermittency of electricity supply without the need for natural gas backup. Wind and traditional solar energy can only generate electricity when the wind blows or when the sun shines, thus providing an intermittent source of electricity supply. The company claims that molten salt thermal storage system is the most efficient approach to energy management.
The company has a geographically diverse portfolio of more than 3,000 MW of CSP (Concentrated Solar Power). SolarReserve currently has three lead projects that are fully permitted, two projects in the United States and one in Spain, which total 300 MW of CSP development.
SolarReserve has more than 600 MW of CSP projects in late stages of development across the US, with international activities in Southern Europe, Africa, Middle East, China, India and Australia. SolarReserve's Photovoltaic development pipeline includes more than 1,100 MW in various stages of permitting across the Southwest US.
The company has associated with United Technologies as its technology partner.
The company is backed by institutional investors such as:
- US Renewables Group
- Good Energies
- PCG Clean Energy & Technology Fund.
- Nazarian Enterprises
- CalPERS Clean Energy & Technology Fund
- Argonaut Private Equity
- Credit Suisse
Top Management :
- CEO – Kevin Smith
- CFO – Michael Walen
- Chairman – Lee Bailey
- May 19, 2011 : US Department of Energy granted $737 million to Solar Reserve
- November 18, 2011 : A subsidiary of China's GCL-Poly Energy Holdings Ltd (3800.HK) had formed a joint venture with SolarReserve to build photovoltaic power plants in the United States.
2425 Olympic Blvd. Suite 500 East
Santa Monica, CA 90404
Phone: (310) 315-2200
Toll-Free: (866) 622-2778
Fax: (310) 315-2201