FPR Energy, a venture from CSIRO, Australia’s national science agency, has secured A$15 million (~$10 million) in seed funding to commercialize next-generation solar thermal technology. The company was launched in collaboration with advisory and funds management firm RFC Ambrian and electric utility Osaka Gas.
FPR Energy aims to cut emissions in heavy industries such as minerals refining, steel, cement, and chemical production using CSIRO’s particle-based Concentrated Solar Thermal (CST) technology.
According to the company, this particle-based CST technology uses low-cost ceramic particles to store sunlight as heat and can produce temperatures up to 1200 °C, enabling long-duration energy storage to support industrial processes, green fuel production, and reliable, dispatchable power.
Headquartered at CSIRO’s Energy Centre in Newcastle, FPR Energy is built on CSIRO’s particle receiver technology research program, developed through the Australian Solar Thermal Research Institute (ASTRI), with support from the Australian Renewable Energy Agency (ARENA).
“FPR Energy is building on years of solar thermal research, demonstrating CSIRO’s commitment to supporting emissions reduction using impact-focussed science and technology. Diversifying the way, we harness Australia’s abundant solar resources will help develop a low-carbon economy and support economic growth and job creation in the Hunter region. Helping heavy industries transition to cleaner energy sources is essential to reaching Australia’s net-zero emission targets,” said Dr Daniel Roberts, CSIRO Energy Technologies Research Director.
planning to develop a 50 MW thermal demonstration plant, with up to 16 hours of integrated thermal energy storage, to prove the commercial viability of its CST technology at a utility scale.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, in 9M 2024, VC funding activity decreased 39% YoY, with $3.5 billion raised in 39 deals compared to the $5.7 billion raised in 51 deals in 9M 2023.
In November, Silfab Solar, a solar module manufacturer, closed $100 million in new financing to scale its state-of-the-art solar cell manufacturing plant. The funding comprises a $50 million equity investment led by funds advised by ARC Financial.
