BrightSource Energy, Inc. (BSE), the global leader in concentrated solar thermal power (CSP) technology, has announced the spin-off of its Israeli, UK, and South African subsidiaries, forming a new company group known as New BrightSource Energy LTD. The newly formed group will be headed by Izik Kirshenbaum and Israeli and UK management.
In light of the spin-off, BSE has undergone a name change and will now be known as Kelvin Energy Inc., holding a minority stake in New BrightSource.
The strategic move aims to capitalize on the synergy between CSP technology and the rapidly emerging energy management markets. “This transaction, through New BrightSource’s debt-free structure and its exceptional management and technology team, offers the optimal opportunity to leverage our CSP technology in conjunction with the growing renewable energy, battery storage management, and AI-based smart grid sectors,” said said. David Ramm, Chairman and CEO of BSE.
New BrightSource is poised to embark on the renewable energy, battery storage management, and smart grid market solutions, building on its robust technology portfolio and deep expertise in distributed energy management. The company will also continue to provide CSP technology, along with project and support services, to the existing BSE projects in Israel, Dubai, and South Africa.
“We are thrilled to take a central role in tackling global decarbonization challenges and fostering a sustainable environment for future generations,” said Izik Kirshenbaum, appointed as Chairman and CEO of New BrightSource. “Leading the exceptional team at New BrightSource, with our breakthrough intelligent energy management technologies tailored for the emerging smart renewable grid markets, is a true honor.”
Kelvin Energy Inc. He will retain his equity position in the Ivanpah project in California and will continue to provide technical advisory services at Ivanpah. Additionally, the company may explore CSP business opportunities in the United States and Canada.
“After evaluating various strategic options over the past years,” stated BSE Vice Chairman Troy Taylor, “the spin-off represents the most promising path for exploring new CSP ventures while maximizing the potential value for existing KE stakeholders.”
The spin-off signifies a pivotal moment for both BSE and New BrightSource, as they each embark on distinct yet synergistic paths towards driving innovation and sustainable solutions in the renewable energy landscape.