Virginia-based startup 247Solar Inc. reports it is has formed a Hong Kong-based Joint Venture (JV) with Shenzhen Enesoon Science and Technology Co. to build 1000 megawatts of 247Solar's revolutionary concentrated solar power system (CSP) that can produce electricity 24/7, i.e., every hour of the day.

The first step of the Enesoon-247Solar Joint Venture will be the deployment and demonstration of the first 247Solar Plant, in China. This will be followed by the deployment of 1000 megawatts of 247Solar Plants in China by 2021. Each Plant is 400 kilowatts, thus, 1000 MW requires 2500 247Solar Plants.

"China is rapidly emerging as the most aggressive and fastest growing market in the world for CSP. The achievement of forming a joint venture of this magnitude within a year of product launch is a powerful indicator of the overwhelming breadth and seriousness of the interest throughout the world in our next-generation CSP product, the 247Solar Plant," said Bruce Anderson, 247Solar CEO.

The 247Solar Plant is capable of generating power every hour, every day of the year regardless of whether the sun is shining, just like conventional coal and nuclear power plants. The 247Solar Plant is competitive with electricity from photovoltaics (PV), which operates only when the sun shines.

The Plants achieve non-stop power generation by storing the sun's heat in a large insulated vessel filled with low cost firebrick for use at night. When storage is depleted, small amounts of fuel can be burned to maintain output. Such storage systems are a fraction of the cost of batteries.

"Enesoon searched worldwide for the most promising CSP technology and carefully assessed all of the possibilities. Not only are 247Solar Plants most likely to generate power at the lowest cost, but they can be built quickly and operated simply," said Zhiyong Zeng, Enesoon CEO.

The technology to be deployed as part of the JV is based on two MIT-invented clean energy technologies and is capable of generating power every hour, every day of the year regardless of whether the sun is shining, just like conventional coal and nuclear power.

247Solar Plants improve grid performance by flexibly and instantly responding to the load requirements of the grid or other customer, instead of presenting a potential challenge for grid operators, because of the intermittency as other alternative generation such as PV and wind. Like wind turbines, every 247Solar Plant, is identical to the next for continuous cost reductions through factory production. This approach enables rapid on-site assembly and short, lower risk project cycles.

China is emerging as the world's largest CSP market. After prioritizing the manufacturing and deployment of PV and wind in its 12th 5-Year Plan in 2011, China became the world's largest market for those two technologies. Now, its 13th 5-Year Plan, effective since January 1 of this year, is calling for a similar emphasis on CSP. Chinese companies are gearing up for this explosive business opportunity.

247Solar is in negotiations with other Chinese companies who want to build additional power projects using 247Solar Plants.

The 1000 MW project was selected in 2015 by the U.S. - China EcoPartnership Program. The Program, sponsored by the U.S. Department of State and China's National Development Resources Commission (NDRC), selected just six projects in an extremely competitive process.

The 247Solar/Enesoon JV will be formally signed on Friday, April 22, 2016. Each year, April 22 is celebrated as Earth Day in the U.S., China and around the world.

• [Editor:tianyawei]