SolarReserve
Utility-scale solar power developer using molten salt storage.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor investor investor investor investor investor | €0.0 | round | |
| N/A | €0.0 | round | |
| N/A | N/A | - | |
| Total Funding | 000k | ||
SolarReserve, LLC was a developer of utility-scale solar power projects, specializing in concentrated solar power (CSP) and photovoltaic (PV) technology. The company was founded in 2008 with seed capital from US Renewables Group and a partnership with United Technologies Corporation to commercialize advanced molten salt energy storage technology. This technology, originally developed by Rocketdyne, enabled solar power tower CSP plants to store solar energy in molten salt and deliver electricity on-demand, day or night.
The company's key project was the 110 MW Crescent Dunes Solar Energy Project near Tonopah, Nevada, which received a $737 million loan guarantee from the U.S. Department of Energy. This plant was the first commercial-scale solar tower with fully integrated molten salt energy storage. However, the project was beset by problems, including technical failures, construction delays, and a leak in a molten salt tank that led to an eight-month shutdown. The plant consistently underperformed, never reaching its expected output, and its electricity was sold at a price ($135/MWh) that became uncompetitive as photovoltaic (PV) solar costs plummeted. In October 2019, its primary customer, NV Energy, terminated its 25-year power purchase agreement due to the plant's failure to produce.
SolarReserve also pursued a global development pipeline, with projects planned in South Africa (Redstone), Australia (Aurora), and Chile (Copiapó). However, these projects also faced challenges; for instance, the Aurora project was canceled in 2019 after the company failed to secure financing. Facing mounting financial and operational difficulties, SolarReserve ceased operations by 2020. The entity operating the Crescent Dunes project, Tonopah Solar Energy, filed for Chapter 11 bankruptcy in July 2020.
Keywords: SolarReserve, concentrated solar power, molten salt energy storage, Crescent Dunes, solar thermal, utility-scale solar, renewable energy developer, CSP technology, Tonopah Solar Energy, solar power tower, energy storage, photovoltaic, renewable energy failure, DOE loan guarantee, NV Energy, Redstone project, Aurora project, Kevin Smith, Bill Gould