Utility-scale solar thermal developer SolarReserve has acquired the Concentrating Solar Power (CSP) unit of aerospace technology manufacturer, Aerojet Rocketdyne.
SolarReserve is to gain intellectual property rights and patents on molten salt technology for CSP and storage, also heliostat designs and collector field control systems from Aerojet Rocketdyne.
SolarReserve will also gain technical staff from Aerojet Rocketdyne – including chief engineer, George O'Connor, with expertise in solar programmes, rocket propulsion and advanced power systems.
SolarReserve's CEO Kevin Smith said “with this acquisition and continued advancement on the technology, SolarReserve is well positioned to capture a significant portion of the projected US$75 billion CSP market expected to develop through 2025″.
SolarReserve are hoping the acquisition will “further innovate, improve performance and reduce deployment costs of this leading edge technology”, according to Smith.
SolarReserve claims its CSP power plants operate 24/7, providing stable and predictable electricity, similar to conventional fossil fuels, but without the harmful emissions and fuel costs.
SolarReserve developed the 110MW Crescent Dunes CSP plant in the US – said to be the largest of its kind, providing energy at all hours by using molten salt storage technology.