Big Companies Decide to Invest in Solar
BrightSource Energy announced on Wednesday that it had raised $115 million from Google.org, Chevron and BP. The plan is to spend the money on their new solar technology (distributed power tower). This technology focuses fields of sun-tracking mirrors (heliostats) on a tower of water-filled boilers. The sun heats the water and steam powers an electricity-generating turbine. As expected, this new technology will require a substantial amount of upfront investments and will cost millions to be fully functional.
With this new technology, BrightSource Energy plans to supply 900 megawatts of solar electricity to California utility provider, PG&E. They will use a solar power plant in the Mojave Desert to create this power, but need the funds for construction. Google, Chevron and BP recognize that investing in solar technology is going to help us get on track with renewable energy- we just need to encourage other companies to invest, as well.