The blog has re-printed parts of the company’s IPO registration statement. The statement mentions two projects, both of which are located in California. The first project is the Ivanpah Solar Electric Generating System. This project near the California-Nevada border will use mirrors to focus solar radiation that will propel steam-driven turbines. It is still in the approval stage. The second project is in Coalinga in California’s central valley. The registration statement mentions that this project is for EOR. What is EOR? It is “Enhanced Oil Recovery“. If thermal solar energy is such a bargain, why are we wasting it to get oil out of the ground?
Thanks to California’s Air Resource Board, utilities are going to need alternative energy sources to avoid paying into huge cap-and-trade schemes. This puts the fix into companies such as BrightSource whose investors are heavily invested in Obama and the Democratic party. There is no way for this company to survive without the Golden State’s green initiatives and the Obama green-energy slush fund. So we are going to have to fork-over our hard-earned green cash to pay for higher utility bills that in turn will enrich uncompetitive companies like BrightSource.