Tuesday, September 17, 2013

eSolar Raises $22M More

In a resurgence of life from Southern California's clean technology industry, Burbank-based eSolar announced this morning that it has raised $22M more in a funding round. According to the solar thermal power technology developer, the funding tranche came from Oak Investment Partners. eSolar said it will use the new funding to expand into the Middle East and North Africa (MENA) region, as well as development of its next generation technology. eSolar is currently working on molten salt-based, concentrating solar power technology, used to generate power by concentrating sunlight on large towers. eSolar said its products are seeing demand from the oil industry, particularly for use in enhancing oil recovery in remote environments. The company said its molten salt technology also reuses water from oilfields. More information »