Hod Hasharon, Israel – 25 August 2022
The project, with expected income of $4.25 million, to include a 3,900 sqm solar field and will significantly reduce Scope 1 GHG emission
TIGI Solar, a provider of renewable heat generation and storage solutions and services, announced that it has invested in Solid America Energy Services LLC (SOLID America) to create a joint company which will build and operate a large-scale system for generating and storing heat for an industrial plant in California, USA. Prior to TIGI’s investment, SOLID America was wholly owned by SOLID Solar Energy Systems GmbH, provider of turnkey and Energy Service Contract solutions for Planning and Operation of large-scale solar thermal energy systems.
The project, with expected income of approx. $ 4.25 million, includes the installation of a 3,900 square meters solar panel field and storage, which will replace the use of natural gas and significantly reduce Scope 1 greenhouse gas emissions from the plant. It is planned to start heat production by the end of 2022. The project is supported by the California Solar Initiative program (CSI), which will finance over $2.5 million of it as an incentive to the transition to green energy and reduction of harmful greenhouse gasses. Additionally, SOLID America is expected to gain from a federal tax benefit that will allow the company to receive up to 30% of the system cost.
According to the European Commission, renewables could supply almost 80% of heating and cooling by 2050. Heat represents approximately 50% of the world’s energy end-use and is generated almost completely by burning of fossil fuels. Solar thermal collectors currently only generate approximately 1% of this energy. TIGI’s patented technology of transparent insulation minimizes energy losses and outperforms leading flat collectors and can increase the penetration of renewable heat dramatically.
“This project is a significant milestone for TIGI and an important step in the transition to the utilization of renewable energy for heat,” stated Zvika Klier, TIGI’s CEO. “We are thrilled to team up with SOLID as we see great value in contracting and combining its capabilities in a project of this magnitude. We view this project as a realization of our business strategy to provide a complete energy-saving solution in a heat-as-a-service business model”
About TIGI Solar
TIGI develops renewable heat generation and storage solutions and services. It introduced a new type of highly efficient solar thermal collector and is the first to provide a commercially viable solar thermal solution for commercial / industrial target temperatures even in cold climates. TIGI’s patented Honeycomb Collector produces year-round heat energy at lower costs than other alternatives including electricity and fossil fuels in domestic, commercial and industrial applications. For more information, please visit www.tigisolar.com
TIGI Solar Press Contact:
Tel: +972 54 2681500