BrightSource Energy, Inc. (BSE), the world's leading Concentrated solar power technology provider, announced the spin off of its Israel, British and South African subsidiaries. These subsidiaries will form New BrightSource Energy Limited, a new Corporate group led by Izik Kirshenbaum and Israel and British management.
BSE is now renamed Kelvin Energy Inc. (abbreviated as KE) and has become a minority shareholder of New Bright Source Energy.
David Ramm, Chairman and CEO of BSE, stated, "This transaction provides the best opportunity to create synergies between our CSP technology and the emerging energy management market through the debt free New Bright Source Energy and its world-class management and technology team.
After the split, New BrightSource Energy will explore the market for renewable energy, battery storage management, and artificial intelligence based smart grid solutions.
The technology combination of New BrightSource Energy lays the foundation for the development of new technologies based on a deep understanding of distributed energy management. Through its newly acquired subsidiary, New BrightSource Energy will continue to provide CSP technology, including project and support services, for existing BSE projects in Israel, Dubai, and South Africa.
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