Case studies
Virtus Solis returns to Enduring Planet to advance space-based solar power
Virtus Solis is developing Space Based Solar Power (SBSP), a clean, firm, and low-cost energy solution designed to generate electricity day and night in any weather. Its system places solar cells in space, where sunlight is continuously available, and transmits that energy via radio waves to ground stations connected to conventional power grids.
The concept of space-based solar power was first proposed more than 60 years ago, but historically lacked the economics required for commercial deployment. Virtus Solis is combining advances in consumer electronics manufacturing, wireless power transfer, and lower-cost access to space to develop gigawatt-scale power plants for customers globally.
Previously, the U.S. Department of Energy awarded Virtus Solis a $2 million cooperative development contract to advance the wireless power transfer technology required for its system. Since first working with Enduring Planet, the company has completed its first four quarterly DOE milestones, including the development of new application-specific semiconductor power electronics. These high-efficiency devices are designed to improve the state of the art in DC-to-DC wireless power transfer efficiency by a factor of ten.
As development progressed, Virtus Solis again needed working capital to bridge the timing gap created by its reimbursement-based DOE project. The program reimburses 90% of eligible costs, while significant materials and development expenses must be paid upfront during the build phase.
Virtus Solis returned to Enduring Planet for additional capital to keep development moving and stay on schedule.
Virtus Solis partnered with Enduring Planet again to:
- Finance materials and development costs ahead of DOE reimbursements
- Continue advancing its power electronics toward a commercial product
- Maintain project momentum without constraining the company at an early stage
The existing relationship was a key factor in Virtus Solis’ decision. Enduring Planet’s familiarity with the company, its stage, and the structure of its government funding made it a natural fit for the next phase of financing.
The new capital will allow Virtus Solis to continue maturing its power electronic devices through development toward a commercial product while supporting the team required to get there. The company has also raised additional pre-seed funding and anticipates pursuing a Series A during the financing period.
Virtus Solis is building commercial momentum alongside its technical progress. The company has signed material terms with two customers and an MOU with a third, bringing its total customer pipeline to five across two continents. These opportunities represent more than $2 billion in potential future revenue.
Ultimately, Virtus Solis aims to address the energy trilemma by delivering power that is clean, firm, and low-cost. The company projects its technology could generate electricity at less than 2 grams of CO2 per kilowatt-hour and approximately $35 per megawatt-hour.
With continued financing from Enduring Planet, Virtus Solis can keep its DOE-funded development on track while moving its technology closer to commercial deployment.
Enduring Planet has been extremely easy to work with for our prior finance needs and has allowed us to meet all the DOE’s milestones.
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