SolarReserve
| File:SolarReserve Logo.jpg | |
| Company type | Private |
|---|---|
| Industry | Solar thermal power |
| Founded | 2008 |
| Defunct | 2020 |
| Headquarters | , |
Key people | Tom Georgis (CEO) Bill Gould(CTO) |
| Website | SolarReserve.com (archived) |
SolarReserve was a company focused on developing large-scale solar energy projects, with expertise in both CSP and Photovoltaic (PV) systems. The firm pioneered the use of molten salt for thermal energy storage in CSP plants, allowing these facilities to generate electricity on demand by storing solar heat and producing steam to power turbines continuously.
As of May 2015, SolarReserve had established and secured long-term agreements for projects totaling 482 megawatts (MW), representing an investment of $2.8 billion, while maintaining a worldwide development portfolio exceeding 6.6 gigawatts (GW). The company set a notable price benchmark at ¢6.3/kWh with the 2019 Copiapó Solar Project. Despite these achievements, SolarReserve ceased operations by 2020. Additionally, a related entity's legal effort to audit Tonopah Solar Energy LLC—a project in which it had invested but lost control—was rejected by a Delaware court.
History
Founded in early 2008, SolarReserve began with initial funding from US Renewables Group and United Technologies Corporation (UTC) to bring molten salt technology for utility-scale concentrated solar thermal power to market. This technology, developed over approximately twenty years by Rocketdyne, was protected by more than 100 patents both in the U.S. and internationally. In September 2008, the company secured $140 million through Series B financing.
In 2014, SolarReserve acquired Rocketdyne’s intellectual property portfolio, including patents related to molten salt systems, heliostat configurations, and control technologies. By 2020, the company’s website had become inactive, signaling its withdrawal from the market.
Crescent Dunes Solar Energy Project
The 110 MW Crescent Dunes Solar Energy Project represented the first utility-scale plant utilizing molten salt power tower storage technology. Equipped with 10,347 heliostats focusing sunlight onto a receiver atop a 640-foot tower, the facility offered ten hours of energy storage capacity and targeted an annual output of 500,000 MWh to supply approximately 75,000 households.
In 2011, SolarReserve secured a $737 million loan guarantee from the DOE and commenced construction. The project operated under a 25-year power purchase agreement with NV Energy for its entire electricity production. However, persistent failures in the molten salt storage tanks—including an outage lasting eight months—led NV Energy to terminate the contract in October 2019 due to inadequate performance. Following accusations of DOE interference, SolarReserve contemplated bankruptcy concerning this project. The company also withdrew from another Nevada-based project in 2019.
Redstone Solar Thermal Power Project
The Redstone Solar Thermal Power Project is an upcoming 100 MW solar installation situated near Postmasburg, South Africa. It is engineered to deliver 12 hours of energy storage and generate electricity for more than 200,000 households. By May 2019, the project was approaching final stages of financial closure, underscoring its key role in enhancing the region's renewable energy capacity.
Aurora Solar Thermal Power Project
The Aurora Solar Thermal Power Project was envisioned as a 150 MW solar thermal facility approximately 30 kilometers north of Port Augusta in South Australia. With an estimated cost of AUD 650 million, it targeted completion by 2020 and aimed to offer electricity at a price competitive with combined-cycle natural gas plants. Despite these goals, the project was discontinued in April 2019 due to difficulties securing funding, although prospects for revival under alternative management remain.
Copiapó Solar Project
Located in Chile's Atacama Region, the Copiapó Solar Project is a groundbreaking 260 MW hybrid solar power plant that integrates both CSP and photovoltaic technologies alongside 14 hours of storage capacity. It is designed to provide power to over 560,000 residences and represents the largest facility of its kind worldwide. In the 2017 auction, SolarReserve won a contract at $63 per MWh for delivering 24-hour CSP power without subsidies, illustrating cost competitiveness relative to LNG gas turbine alternatives.
Photovoltaic
See also
- Concentrated solar power
- Energy storage
- List of concentrating solar thermal power companies
- List of energy storage projects
Further reading
- Wald, Matthew L. Arizona Utility Tries Storing Solar Energy for Use in the Dark, The New York Times, October 18, 2013. Discusses projects including BrightSource Energy, Electric Power Research Institute, Ivanpah Solar Power Facility, and Solana Generating Station.
External links
- Solar energy companies of the United States
- Solar energy in California
- Technology companies based in Greater Los Angeles
- Companies based in Santa Monica, California
- Energy companies established in 2008
- Renewable resource companies established in 2008
- 2008 establishments in California
- American companies established in 2008
- Rocketdyne
- United Technologies
- Companies of the United States by year of establishment