SolarReserve Wins DoE Award

Santa Monica-based SolarReserve, the developer of utility-scale solar power projects, reported Wednesday that it has received an award from the U.S. Department of Energy, to develop advanced concentrating solar technology. SolarReserve said it will receive $2.4M from the Energy Department, and also co-fund e effort, to improve the performance and efficiency of concentrating solar power plants. The award came out of the DOE's SunShot Initiative. SolarReeserve has already been active developing molten salt energy storage systems, which use tracking mirrors to concentrate solar power onto a tower, creating heat energy, which is stored in molten salt. That energy is used to power steam generators to produce power. SolarReserve is led by Kevin Smith.