United Technologies in Solar Deal

WINDSOR LOCKS, Conn. — United Technologies Corp. subsidiary Hamilton Substrand and US Renewables Group LLC said Wednesday they plan to commercialize a new technology that captures energy from the sun, stores it and releases it on demand.
The companies did not disclose financial terms of the agreement or specifics about how they plan to commercialize the technology. They formed an entity called SolarReserve that will hold an exclusive license for the products, which were developed by United Technologies' HS Rocketdyne subsidiary.
The "concentrated solar power tower" technology harnesses the sun's energy and stores it using molten salt. The energy is released when a utility requires it. The product is designed to produce up to 500 megawatts of power per year under peak conditions.
One megawatt can power about 778 households each year, according to the Department of Energy.
Lee Bailey, managing director of US Renewables, compared the technology to hydroelectric power plants, but said it has more benefits.
"This product is more predictable than water reserves, the supply is free and inexhaustible, and the environmental impact is essentially zero," Bailey said in a statement.
Terry Murphy, former director of advanced power systems at HS Rocketdyne, will serve as president and chief executive of SolarReserve. He will lead the commercialization effort and its integration into the commercial marketplace.
Privately held US Renewables acquires, develops and operates renewable energy and clean fuel assets. United Technologies provides products and services to the building systems and aerospace industries. It will take part in the product through its Hamilton Sundstrand subsidiary.
United Technologies shares fell 36 cents to $76.18 in morning trading.
Source: chron.com