Learn how BrightSource Energy provides financial investors with assurance that the IP and business-critical software behind their Concentrated Solar Power Systems is protected through Escode's Escrow Services.
When solar energy pioneer, BrightSource, wanted to develop large-scale innovative projects, their partners and bankers needed insurance against any potential risks that may disrupt the smooth construction and operation of their plants. The answer was to partner with Escode, Part of NCC Group for our intellectual property escrow and verification services.
BrightSource is the recognized world leader in renewable thermal-solar energy. One of the company’s key applications is Concentrated Solar Power (CSP) which uses thermal energy for use in generating electricity, replacing fossil fuels. Each CSP plant consists of a solar field to collect the thermal energy, a thermal storage system, and a power block to convert the energy to electricity. BrightSource provides a wide range of services, from project design, plant control based on complex algorithms, and a solar field component through construction, commissioning, and operation.
BrightSource currently has CSP projects operational in Israel and California, USA. They are currently commissioning a new plant in Dubai and have another under construction in South Africa. Globally, these plants produce more than 700 megawatts (MW) of energy, enough to supply 700,000 homes.
BrightSource’s key asset is their breakthrough intellectual property (IP): the software and its innovative algorithms, solar field design, and the know-how acquired from years in the business.
Total investment in a CSP plant can run into hundreds of millions of dollars: protecting all the IP required for the construction and operation of the plant is a necessary and critical requirement of the investors.
In order to meet the needs of both BrightSource and investors, Escode and BrightSource worked together to develop a tailor-made business continuity and risk management solution to allow investors to witness important developmental stages themselves and to have access to important documentation should the need arise.
Documenting the build and technical know-how through IP escrow and verification added a level of reassurance at every stage with key project milestones included tied to the release of project funding.
Software Escrow Services ensure that software source code and other IP are held securely and independently with agreement from all parties, ensuring that the material can be accessed and released if needed in the future.
Stephanie Wald, Chief Escrow Officer, explains, “The escrow agreement and its ongoing execution with all the parties created a trusted relationship, giving each side the confidence to pursue these major projects. We were happy to partner with NCC Group for its trusted services, while the investors were able to rely on NCC Group for their assurances.”
With Escode’s verification in place, BrightSource was able to assure its partners that the IP and software necessary to build and operate the Concentrated Solar Power plants would be available to them at all times in the future. The periodic deposits also provided the investors with a tangible way to track progress on the projects.
“BrightSource had a business requirement to make our partner feel safe and to secure the huge investments that go into these projects,” Wald continues. “IP escrow is a great platform to make sure that every stakeholder’s interests are protected via a neutral, third-party like NCC Group.”
“Our escrow agreement for BrightSource is a safeguard that we manage in the background. This frees up their team up to focus on the delivery and installation of each new solar plant,” says Nicholas Frasse-Sombet, EMEA Sales Director at Escode
“We are proud to have supported BrightSource since 2016, working together and building trust. As the new CSP plants prepare to come online, all parties can be safe in the knowledge that BrightSource’s unique IP for each installation is protected.”
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