BRIGHTSOURCE ENERGY, INC. Spins-Off Renewable Energy and Battery Storage Management Activity Headquartered in Israel

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New BrightSource LTD, an Israeli-based management-and-employee-owned company, has acquired foreign operations and IP of BrightSource Energy, Inc.

HOUSTON, July 12, 2023 /PRNewswire/ -- BrightSource Energy, Inc. ("BSE"), the world's leading provider of concentrated solar thermal power ("CSP") technology, announces the spin-off its Israeli, UK, and South African subsidiaries. As a result, those subsidiaries will form New BrightSource Energy LTD ("New BrightSource")—a new company group headed by Izik Kirshenbaum and Israeli and UK management.

BSE, now renamed Kelvin Energy Inc. ("KE"), has become a minority shareholder in New BrightSource. 

"This transaction, via a debt-free New BrightSource and its world class management and technology team, provides the best opportunity to create synergy between our CSP technology and emerging energy management markets," said David Ramm, Chairman and CEO of BSE.

As a result of the spin-off, New BrightSource will pursue the market for renewable energy, battery storage management, and AI-based smart grid solutions.

New BrightSource's technology portfolio provides the basis for new technologies that will be developed based on deep knowledge of distributed energy management. Through its newly acquired subsidiaries, New BrightSource will also continue to provide CSP technology including project and support services to the existing BSE projects in Israel, Dubai, and South Africa.

"We look forward to becoming a central player in the solving of the challenges of global decarbonization and providing a sustainable environment for generations to come," said Izik Kirshenbaum, who will serve as Chairman and CEO of New BrightSource. "I am blessed and honored with the opportunity to lead the excellent team at New BrightSource, with its breakthrough technologies of intelligent energy management for the exciting emerging markets of smart renewable grid."

Kelvin Energy Inc., which maintains its equity position in its Ivanpah, CA, project, will continue to provide technical advisory services at Ivanpah and may pursue CSP business opportunities in the US and Canada. 

"After considering numerous strategic alternatives over the past several years," said BSE Vice Chairman Troy Taylor, "this spin-off transaction creates the best path forward to explore new CSP opportunities while maximizing potential value for existing KE stakeholders."

Contacts:
BrightSource Energy, Inc/Kelvin Energy, Inc.
David Ramm, CEO

New BrightSource Energy LTD
Izik Kirshenbaum, CEO

SOURCE Kelvin Energy Inc.