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FPR Energy has raised AUD 15 million ($9.7 million) in seed funding to commercialize its concentrated solar thermal (CST) technology. The system is designed for long-duration energy storage, supporting industrial processes, green fuel production, and dispatchable power generation.
Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) has teamed with global advisory firm RFC Ambrian and Japanese utility Osaka Gas to launch FPR Energy, a CST technology venture.
The new venture plans to commercialize CSIRO’s particle-based CST technology, which is purportedly capable of producing temperatures up to 1,200 C.
The technology uses ceramic particles to absorb and store sunlight as heat, enabling long-duration energy storage to support the decarbonization of Australia’s heavy industry.
FPR Energy plans to develop a 50 MW demonstration plant with up to 16 hours of integrated thermal energy storage to prove the commercial viability of the particle-based technology.
CSIRO Energy Technologies Research Director Dr Daniel Roberts said FPR Energy is a major step in meeting the growing demand for renewable solutions in hard-to-abate heavy industries such as minerals refining, steel, cement and chemical production.
“FPR Energy is building on years of solar thermal research, demonstrating CSIRO’s commitment to supporting emissions reduction using impact-focused science and technology,” he said. “Helping heavy industries to transition to cleaner energy sources is essential to reaching Australia’s net-zero emission targets.”
Plans also include expanding the technology to other high-solar regions worldwide, including North and South America, the Middle East and Africa.
Rob Adamson, chair of RFC Ambrian, said emissions reduction and affordability of energy were often dilemmas for industrial energy users and the technology to be commercialized by FPR offers a practical solution.
“The decarbonization of high-temperature industrial processes is crucial, and particle-based CST technology stands out as a highly promising solution, offering both high-temperature heat and long-duration storage at competitive costs,” he said. “FPR Energy’s technology embodies Australian innovation in solar technology and is designed for scalable, local manufacturing.”
CSIRO said the AUD 15 million raised for the launch of FPR is the largest seed funding to date for one of its co-founded ventures. |
