German Firms Creates “Solar Trust of America”, a New U.S. Solar Thermal Company
Reuters, Los Angeles - German solar thermal company Solar Millennium AG and plant builder MAN Ferrostaal AG have joined forces to capture a chunk of the growing U.S. market for solar thermal power.
The two companies said on Monday they have created a new company, Solar Trust of America LLC, which was formed through the acquisition by Solar Millennium and MAN Ferrostaal of Solar Millennium’s U.S. arm. Terms of the deal were not disclosed.
Solar Trust Chief Executive Uwe Schmidt said the company aims to have 20 percent of the U.S. market for solar thermal energy, also known as concentrating solar power, or CSP.
Unlike photovoltaic solar panels, which use the sunlight to create electricity, CSP plants use the sun’s heat to create steam that turns a turbine to generate power.
Solar Trust’s technology, which uses parabolic mirrors to concentrate the sun’s heat, has already been deployed at solar power plants in southern Spain.
In an interview, Schmidt said he expects Solar Trust to be a major player in the U.S. market because its technology has been proven over 25 years and therefore will have an easier time attracting financing.
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Tags: Solar Thermal, Solar Trust of America
