BrightSource Energy raises $30m

New investors include the Russian government's VC fund, as the solar power co plans a Nasdaq IPO.

Solar Power company BrightSource Energy Inc. has raised $30 million. Among the new investors is the Russian government venture capital fund, which invested $10 million, an international venture capital fund and two unnamed private strategic investors.

This brings to $300 million the funds the company has raised since it was founded four years ago. BrightSource Energy is the parent company of BrightSource Industries (Israel) Ltd. (formerly Luz II), and was set up to promote activities in the US.

BrightSource Energy is also planning a Nasdaq IPO. The Dow Jones recently reported that BrightSource had hired the services of investment banks Morgan Stanley and Goldman Sachs.

BrightSource is in the preliminary stages of preparing for the IPO on Nasdaq and it is not yet clear when the company wll make the offering. However, paeties at interest in the company have indicated that the IPO could take place in early 2011 if the climate for an offering is right.

BrightSource Energy chief operating officer and BrightSource Industries (Israel) CEO Israel Kroizer told "Globes" today, "I cannot comment on the subject of an IPO."

Regarding increasing the funds raised five months ago, Kroizer said, "In advance we went out to raise $150-200 million. In May, we announced the completion of raising $150 million and we recently added additional investors in the present funding round and raised it."

Previous investors include Alstom S.A., Black River, BP Alternative, California State Teachers Retirement System (CalSTRS), VantagePoint Venture Partners, Morgan Stanley, Draper Fisher Jurvetson, Chevron VC Fund, oogle and StatoilHydro.

BrightSource Energy has appointed John. E Bryson as chairman. Bryson, a former president and CEO of Edison International replaces the company's founder Arnold Goldman who will now serve as emeritus chairman.

BrightSource is yet to generate revenue but the appointment of Bryson, a well known figure in the energy world, brings the company closer to the market and an IPO.

Published by Globes, Israel business news - www.globes-online.com - on September 26, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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