Concentrated solar power (CSP) specialist BrightSource Energy Inc (BSE) unveiled on Wednesday the separation of its operations outside the US into a company that will seek opportunities in the field of renewable energy, battery storage management and AI-based smart grid solutions.
BSE’s subsidiaries in Israel, the UK and South Africa will now be housed under New BrightSource Energy LTD while the remaining business will be rebranded to Kelvin Energy Inc (KE). The latter will be a minority shareholder in New BrightSource Energy.
The new entity has acquired the US firm’s foreign operations and intellectual property, according to a press release.
Along with new opportunities, New BrightSource Energy will continue to provide CSP technology including project and support services to the existing BSE projects in the targeted regions.
New BrightSource will be based in Israel and will be a management-and-employee-owned company.
The rebranded KE, in turn, will keep its equity position in its Ivanpah Solar Electric Generating System in the Mojave Desert in California and continue to provide technical advisory services. It may also pursue CSP business opportunities in the US and Canada.
“This transaction, via a debt-free New BrightSource and its world class management and technology team, provides the best opportunity to create synergy between our CSP technology and emerging energy management markets,” BSE’s chief executive and chairman David Ramm noted in the statement.
