Acme Group Invests $30mn in California eSolar to Build India Solar Thermal Plants
March 4, 2009 by editor
Filed under Technology, World News
Acme Group will have exclusive rights to eSolar’s design to set up thermal solar power plants in India.
Gurgaon-based telecom power solutions firm Acme Group has made an investment of $30 million for a 5% stake in California-based eSolar. The US-based company is involved in developing, constructing and deploying modular, scalable solar thermal power plants. Acme has also entered into an exclusive licensing agreement with the company. The deal involves Acme Group having exclusive rights to eSolar’s design to set up thermal solar power plants in India.
California's eSolar teams up with Acme Group to build solar thermal power plants in India.
Acme can also work with other companies to build solar thermal power plants in India using eSolar technology. ACME is targeting 1,000 MW of solar power within India over the next 10 years. The company has already signed power purchase MOUs for 250 MW.
Though this is eSolar’s first international licensing agreement, it had entered into a similar agreement with US-based NRG Energy.
It raised $130 million in funding from Google.org (Google’s philanthropic arm), Idealab and Oak Investment Partners in April 2008.
eSolar was founded in 2007 by Idealab Inc founder Bill Gross and Asif Ansari. Idealab is an incubator based in Pasadena, California and its companies include Picasa, which was acquired by Google.
