Solar Thermal Startup Ausra Tracks Down $25.5M

Earlier this year solar thermal startup Ausra cited a lack of financing as the reason for scaling back its plans to build massive solar power plants. The Mountain View, Calif.-based startup, which California Governor Arnold Schwarzenegger once called “one of the best companies in California and the world,” instead chose to focus on selling its gear for industrial steam production and hybrid fossil fuel systems. Well, either the stimulus funds are starting to warm up cleantech investing, Ausra’s investors have come around to the more modest plan, or Ausra became less choosy on its funding terms, because this evening Ausra says it has gotten a commitment for a $25.5 million equity funding facility from some existing and new investors.

Ausra’s existing investors Khosla Ventures and Kleiner Perkins Caufield & Byers have recommitted, and new investors include Al Gore’s Generation Investment Management (Gore is also a Kleiner partner), Alberta, Canada-based KERN Partners and Melbourne, Australia-based Starfish Ventures. Ausra says the funding commitment will “allow Ausra to further demonstrate our technology, diversify and expand our customer base, and capture attractive near-term market opportunities.”

So the new funds won’t change Ausra’s new smaller scale plans, and the company is remaining committed to selling into the solar power augmentation and industrial steam markets over the next couple of years. Over the long term Ausra says it still wants to tackle those bigger solar power installations, but says that solar/natural gas hybrid power projects represent a “tremendous opportunity,” that can provide “the same reliability and dispatchability as traditional fossil fired plants.” Those projects are basically adding on solar power to natural gas plants, increasing plant output while lowering emissions. Perhaps it’s not the coal killing technology that Al Gore had in mind with the original investment, but if it reduces greenhouse gases and makes money, it could be a solid play.

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