Washington startup secures funding for top secret utility-scale solar

Seattle-based Tuusso Energy said it has raised $2 million for early-stage development of utility-scale solar projects in the western United States.

The financing, announced late yesterday, was led by Portland, Ore.-based Pivotal Investments, an early-stage cleantech focused venture capital firm. Akula Energy Ventures, which also invests in early-stage renewable energy projects, said it plans to co-invest directly in Tuusso’s development projects.

Tuusso was founded in 2008 by University of Chicago graduates. The stealthy company hasn't revealed specifics about its photovoltaic technology, but says it plans to develop power plants to provide renewable energy for investor-owned utilities.

Without providing details, the company said its first photovoltaic project, TA-High Desert, is scheduled to be completed in early 2011 and is expected to supply 20 megawatts of solar-generated power to California utilities (see California Dreamin' of miles of solar and The top 10 U.S. states for cleantech in 2009).

California’s investor-owned utilities, which are already looking to boost their solar capacities, include Pacific Gas & Electric, Southern California Edison, San Diego Gas & Electric, and Southern California Gas (see PG&E opens bidding for 500 MW solar program in California and First Solar, SCE sign PPA for 550 MW solar projects). 

“This financing is a big step forward and accelerates the rate at which we can turn pipeline projects into active projects,” said Tuusso’s President Owen Hurd, in a news release.

Pivotal—with its pre-existing relationships with institutional lenders and tax investors—is expected to help Tuusso access new opportunities, according to the release. Pivotal completed the first close of its Pivotal Investment Partners I fund in January, and has been investing out of that fund since, including its investment in Tuusso. 

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