California-based concentrating solar power (CSP) developer eSolar has closed a $22 million funding deal from existing investors, including Oak Investment Partners. The company says the funding will support its expansion into the Middle East and North Africa (MENA) region, as well as development on its SCS5 heliostat.
eSolar says it is currently exploring new applications for its technology in the MENA region, where CSP plants can be used to produce steam for use in enhanced oil recovery applications. eSolar's molten salt-based energy storage capabilities can reuse water from the oil field.
‘Demand for solar thermal technology in the oil industry is surging, and eSolar's dispatchable power block is an ideal solution for enhanced oil recovery in these remote environments,’ says Bandel Carano, managing partner of Oak Investment Partners.