Solaren to Close Funding for Space Solar Power
Green Tech Media
The Manhattan, Calif.-based company, Solaren Corp., expects to close funding in less than two months to start developing the project in earnest, Spirnak told Greentech Media. He hopes to raise more than $100 million, the amount Solaren will need to validate its designs in the lab.
“Space solar power was in the realm of the government and academic world before,” said Spirnak, Solaren’s CEO who also and a former spacecraft project engineer for the U.S. Air Force. “This is a business for us. It’s about making a good return for our investors.”
The space solar company seemed to have popped out of nowhere when it announced a deal to sell electricity from the space solar farm to Pacific Gas and Electric in April this year. It also made PG&E the only utility in the United States, if not the world, to agree to a space solar power contract.
But Spirnak started the company in 2001 to work on the power plant designs and file for patents, though he and others didn’t start quitting their day jobs until Solaren won its U.S. patent and pooled together “$3 to $5 million” from founders and investors in 2005.
Read the full story.