Sopogy strengthens its financial status

Published on: Monday, 03 December 2012
Holaniku CSP plant at Keahole Point in Hawai

Sopogy, the Hawai based company developer of microCSP systems, has announced it has closed the Series E round of preferred stocks and warrants.

The leader in this round has been Japan's Mitsui & Co. alongside with new investors like Southern California Gas Company, 3M and some existing investors as Kolohala Ventures and Enerdigm Ventures.

“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 top tier industry leaders and look forward to continued commercialization with our partners.”

“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 developed the Holaniku CSP plant in Kailua-Kona, Hawaii, USA using a "microCSP" system as it's called by the company, wchich is under operation since 2009. The microCSP system is based on parabolic trough collectors about one-third the size of typical ones in CSP plants to produce steam for electricity as well as for process heat. Sopogy's system includes thermal storage to provide a more stable energy flow even when cloudy days and allows the plants to operate after the sunset for several hours.

With this new investment in Sopogy, Mitsui increases investments in the CSP business where it owns the 30% shares of Guzman, a CSP plant built in Spain jointly with Spain's FCC, the owner of the remaining 70%.

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