MIT spin-out 247Solar grabs $25 million to store thermal energy for electricity generation and heat via CSP

247Solar, a specialist in round-the-clock concentrated solar power-based industrial heat and electricity generation, announced it has opened a $25 million Series B funding round.  

The company started as a Massachusetts Institute of Technology (MIT) spin-out. It has raised $3.5 million from existing investors with more commitments undergoing due diligence in the Series B round. 

247Solar’s concentrated solar power (CSP) technology generates continuous clean energy using sun-tracking mirrors to heat air to approximately 1,000 Celsius at atmospheric pressure. The hot air drives turbines to produce electricity and heat, with energy stored using ceramic pellets or ordinary sand for round-the-clock operation. The CSP plant is a factory-built, modular system. 

The company operates an energy-as-a-service model and said it has an active pipeline of $250 million on six continents, including bookings with a large global utility, off-grid mining operations, and other applications. 

“With it’s unique ability to decarbonize high-temperature industrial heat while also providing clean electricity, 247Solar addresses one of the biggest challenges of all in industrial decarbonization,” said Howard Margulis, senior managing director, MaxEn, which is serving as advisor for the funding round. 

247Solar said its solution is primed for integration with traditional solar photovoltaics in a hybrid microgrid. The PV panels can provide low-cost electricity during the day, while the 247Solar system provides continuous, dispatchable baseload power day and night using its thermal storage. 

To decarbonize the global energy sector, baseload power and industrial heat must be provided. A study by Yale University said heating for industrial use accounts for 20% of global energy demand, presenting a huge underserved market for emissions-free power. 

“247Solar exists to close the industrial clean energy gap—by delivering reliability, cost-savings, and round-the-clock performance that PV solar alone can’t match,” said 247Solar chief executive officer Bruce Anderson. 

The company said that by addressing their power and heat needs simultaneously, customers can cut their energy bills by 25% or more and reduce carbon emissions by as much as 95%. 

247Solar said goals of the Series B funding plan include: 

• Scaling of 247Solar’s energy-as-a-service model to de-risk projects for both investors and customers (build-own-operate, with long-term PPAs).
• Driving cost reductions and mass production of core technologies.
• Bringing a new industrial thermal battery to market, to deliver both clean heat and electricity from PV, wind or the grid.
• Advanced development of a new, larger 3.5 MW solution (versus the current 400 kW module), to be fully engineered by mid-2026 and ready for deployment in 2027.
• Expanding the company’s business development and commercial team to enter new markets.

From pv magazine USA.