SolarReserve Advances Leadership in Solar Thermal Energy with Technology Acquisition
Company announces acquisition of Aerojet Rocketdyne's Concentrating Solar Power (CSP) business, including the intellectual property (IP) rights and patents related to molten salt technology for solar thermal powe
SANTA MONICA, California, October 27, 2014-SolarReserve, a leading global developer of large-scale solar power projects and advanced solar thermal technology, today announced its acquisition of Aerojet Rocketdyne's Concentrating Solar Power (CSP) business. The acquisition includes intellectual property (IP) rights and patents related to molten salt technology for concentrating solar-thermal power and electricity storage applications, as well as heliostat designs and collector field control systems. The key personnel at Aerojet Rocketdyne with critical knowledge of this technology are joining SolarReserve along with the technology acquisition. This includes Chief Engineer, George O'Connor, a 35-year veteran at Aerojet Rocketdyne who brings extensive technical leadership experience on the solar programs while at Aerojet Rocketdyne in addition to his expertise on rocket propulsion and advanced power systems.
"The technology acquisition further demonstrates SolarReserve's industry leadership in solar thermal energy storage, and our ongoing commitment to technology innovation and operational excellence through investments in advanced technology research and development," said SolarReserve's CEO Kevin Smith. "With this acquisition and continued advancement on the technology, SolarReserve is well positioned to capture a significant portion of the projected $75 billion CSP market expected to develop through 2025."
"We are excited to have the industry's top solar thermal technology experts join SolarReserve from Aerojet Rocketdyne," Smith added. "The integrated SolarReserve technology organization will further innovate, improve performance and reduce deployment costs of this leading edge technology."
SolarReserve has commercialized the world's leading solar thermal energy storage technology with the capability to deliver clean, reliable electricity "on demand" at any time, day and night, whether or not the sun is shining. This game changing technology enables the company's solar thermal (CSP) power plants to operate 24/7, providing a stable and predictable electricity product similar to that of conventional fossil fuel-burning power facilities, but without the associated harmful emissions and without any fuel costs.
SolarReserve, LLC – headquartered in Santa Monica, California – is a leading developer of utility-scale
solar power projects and advanced solar thermal technology with more than $1.8 billion of projects in
construction and operation worldwide. SolarReserve's experienced team of power project professionals
has assembled an extensive 5,000 MW worldwide development portfolio of large-scale solar projects.
The company's diverse portfolio of solar power projects includes advanced solar thermal technology
(CSP), photovoltaic (PV) technology, and hybrid (combined CSP and PV) solutions that can provide 24-
hour solar energy that is cost competitive with conventional energy sources.