CSIRO's solar venture secures $15 million funding

FPR Energy, a new venture from CSIRO, has secured $15 million in seed funding with the aim of commercialising next generation solar thermal technology.

The company was launched in collaboration with global advisory and funds management firm RFC Ambrian and Japanese utility Osaka Gas, raising the largest seed funding for a CSIRO co-founded venture to date.

FPR Energy aims to cut emissions in heavy industries such as minerals refining, steel, cement and chemical production using CSIRO’s particle-based Concentrated Solar Thermal (CST) technology, capable of producing temperatures up to 1200°C. 

The technology uses abundant and low-cost ceramic particles to store sunlight as heat, enabling long-duration energy storage to support industrial processes, green fuel production and reliable, dispatchable power.

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.

“FPR Energy is building on years of solar thermal research, demonstrating CSIRO’s commitment to supporting emissions reduction using impact-focussed science and technology,” Roberts said.

“Diversifying the way we harness Australia’s abundant solar resources will help develop a low-carbon economy and support economic growth and job creation in the Hunter region.

“Helping heavy industries to transition to cleaner energy sources is essential to reaching Australia’s net-zero emission targets,” Roberts said.

FPR Energy plans to develop a 50 megawatt thermal demonstration plant, with up to 16 hours of integrated thermal energy storage. The plant aims to prove the commercial viability of FPR Energy’s CST technology at a utility scale.

Hiroki Tanaka, Head of Next generation Business Development Department of Osaka Gas, said he was excited to collaborate with CSIRO and RFC Ambrian to create and offer solutions for industries. 

“Emission reduction and affordability of energy are often a dilemma for many industrial energy users and this particle-based CST and possibly thermal energy storage can offer practical solutions for them,” Tanaka said.

"Through our history, we have been contributing to the low carbonisation by switching heat sources from coal, fuel oil to gas with efficient energy solutions. We are thrilled to bring our knowledge to help FPR Energy to create real-life solutions for industrial customers.”

Image caption: FPR Energy is built on CSIRO’s particle receiver technology research program and is headquartered at CSIRO’s Energy Centre in Newcastle.