Company intensifies commercialization of solar steam and renewable industrial process heat markets.
Sopogy, a concentrating solar thermal technology company today announced the closing of its Series E round of preferred stock and warrants led by Mitsui & Co., Ltd. (“Mitsui”). Also participating in the round were new investors Southern California Gas Company, 3M and other key strategic investors. Existing investors, Kolohala Ventures and Enerdigm Ventures also joined the round.
“This financing supports the continued commercialization of Sopogy’s solar thermal technologies” said Darren T. Kimura, President and CEO. “This accomplishment was made possible because of the determination and support of our outstanding team and committed current investors. In this new financing we are also thrilled to be joined by such top tier industry leaders and look forward to continued commercialization with our partners.”
Sopogy has pioneered the concept of MicroCSP™ using its mirrored concentrating solar thermal solar collectors to create high quality thermal heat. This heat is used in the industrial process and as solar steam. The International Energy Agency has estimated that only 17% of final energy consumption is for electricity while 47% of final energy consumption is in the generation of thermal energy¹. Sopogy’s technologies are poised to capture the thermal energy market by harnessing the power of the sun.
“Sopogy is bringing us closer to a future where steam and industrial heat is generated by the sun, replacing fossil fuels. We are proud to support Sopogy in that mission” said Wataru Ebata, General Manager, Principal Investment Division at Mitsui.
Sopogy revolutionized solar thermal technology with MicroCSP. Developing modular collectors about one-third the size of a traditional concentrated solar power mirror, Sopogy cut the cost of solar thermal energy to a fraction of the cost. Proprietary storage units stabilize volatile energy production when cloudy and prolong production after sunset. Sopogy’s thermal energy is the fuel for stable, renewable process heat and solar steam. Please visit www.sopogy.com
Mitsui is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 152 offices in 67 countries as of November 2012. Utilizing global operating locations, network and information resources, Mitsui is multilaterally pursuing business that ranges from product sales, worldwide logistics and financing to the development of major international infrastructure and other projects in the following fields: iron and steel products, mineral and metal resources, infrastructure projects, motor vehicles, marine and aerospace, chemicals, energy, food resources, food products and services, consumer services, IT, finance and new business, and transportation logistics. Mitsui is actively taking on challenges for global business innovation around the world. http://www.mitsui.com/jp/en/ index.html