Solarlite GmbH raises € 4.5 million in new capital
Duckwitz, January 26, 2011. The financing round completed by Solarlite GmbH in December attracted institutional and private investors and raised €4.5 million in new capital, which lays the financial foundation for the company's continued international expansion. The new capital is specifically intended to develop the company's strong market position for small to medium-sized solar thermal power plants and its foothold in Thai and other international markets. In Thailand, Solarlite expects additional projects to be started in the short term. Furthermore, Solarlite GmbH will invest more in research and development in order to build on its leadership in this field of technology and continue to break new ground.
The commitment of current and new investors reflects the positive development of Solarlite and the market potential of solar thermal technology around the world. "The BonVenture Group has been assisting the company since 2007. We are pleased that the company built a solid foundation for continued growth during this financing round," commented Dr. Erwin Stahl, CEO of BonVenture Management GmbH, on the capital raised. In addition to Sirius EcoTech Fonds Düsseldorf, the Technologiefonds Mecklenburg-Vorpommern has now also joined as an institutional investor.
"The fact that domestic and international investors are convinced of our company's growth potential shows that Solarlite is an attractive investment. The capital raised will enable us to achieve our ambitious goals in the coming years," said Moritz von Plate, CFO of Solarlite GmbH. Joachim Krüger, CEO of Solarlite GmbH, added, "We view the renewed participation of our current investors in this round as an expression of their confidence in the quality of our successful work. We are thrilled to be able work together to take advantage of new growth opportunities for Solarlite, tackle new projects and introduce highly innovative products in the market."
Solarlite GmbH - Solar-thermal power plants
Short description of the innovative technology and applications
Solarlite develops and produces decentral solar thermal parabolic trough plants ( CSP – Concentrated Solar Power) for combined heat and power generation (steam, thermal energy and power). These power plants have an electrical output in the range of 500 kWe up to more than 30 MWe.
Solarlite is globally the only supplier of parabolic trough plants that can be used in different applications such as electricity production or for the stand-alone electricity consumption of small and medium-sized industrial facilities. Compared to traditional parabolic trough collectors that use thermal oil and an additional heat exchanger, the direct steam generation implemented by Solarlite is more efficient, less expensive and poses no risk to the environment.
The Solarlite 4600 parabolic trough is a newly developed highly efficient product that can generate temperatures of up to 400 °C. Each panel has an aperture width of 4.6 m and is made of composite materials combined with an efficient thinglass mirror. This mirror reflects up to 95% of the sun’s radiation onto the absorber pipe positioned at the ideal focus of the parabolic mirror. Water passing through the absorber pipe is heated up by the concentrated reflected sun radiation and is converted into steam in a controlled process. A turbine generator produces electricity. Residual Heat can be used for other applications like seawater desalination or absorption cooling.
The main competence of Solarlite is the knowledge around the production of parabolic troughs made of composite material at high precision for mass-production, which makes it more profitable to build smaller plants worldwide.
A new phase in the development of solar technology has been reached with the Solarlite technology. The modular design based on combining a light composite construction and an efficient thinglass mirror is advantageous in various aspects, for example a central production independent of the power plant sites allowing different project sizes with no limitations.
The direct steam generation of water instead of thermal oil and the option of cogeneration of thermal and electrical energy makes the energy production highly efficient and environmentally friendly.
Solarlite technology is able to reduce total investment costs of a power plant project and guarantees attractive prices as well as a reliable source of energy.