The U.S. Department of Energy announced that it plans to invest up to $60 million in solar thermal technology over five years.
The department said the cash would support the development of low-cost concentrating solar power technology for fiscal 2008 through fiscal 2012.
"Harnessing the natural and abundant power of the sun and more cost-effectively converting it into energy is an important component of our comprehensive strategy to commercialize and deploy advanced clean, alternative technologies that will allow us to become less reliant on foreign oil," said Clarence Albright, under secretary of energy.
The DOE said the funding would be made available for projects from industry and academia that develop advanced thermal storage concepts and heat transfer fluids to further increase the efficiency of concentrating solar power plants.
"The administration's investment in solar technology will not only bolster innovation, but will help meet the president's goal of making solar power cost-competitive with conventional sources of electricity over the next seven years," said Albright.
The department said it plans to make 10 to 25 awards through the competitive solicitation.
With a minimum 20 percent cost share by the private sector for research and development phases and a minimum 50 percent private cost share for final demonstration phases, the DOE said the total research investment under the solicitation is expected to exceed $75 million.
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