BrightSource raises US$15 million from investors

July 25
1:36 AM 2013

BrightSource Energy Inc. stated that it had landed US$15 million in equity funds and convertible promissory note offerings with 44 unidentified investors. BrightSource Energy is the U.S. solar-thermal producer whose chief executive resigned last month.

The Oakland, California-based solar-thermal company is backed by several investors including venture-capital company VantagePoint Capital Partners, Alstom SA, and Morgan Stanley.  Alstom SA is one of Europe’s biggest power-equipment corporations.

According to the company's official documents filed with the U.S. Securities and Exchange Commission, the company were seeking to put up US$35 million. Official company representatives were not immediately available to comment.

John Woolard, former CEO of BrightSource, announced his resignation and a transition to a new chief executive on the company's website last month.

"BrightSource has accomplished a tremendous amount over the last seven years. We are committed to work together as a team as we advance the company's technology, expand our geographic scope, and transition to a new CEO over the next few months," wrote the company's executives.

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