247Solar Raises $25 Million Series B to Scale Round-the-Clock Industrial Solar Power Solutions
247Solar, the MIT-born clean energy company developing modular concentrated solar power systems that deliver round-the-clock industrial heat and electricity, has kicked off a $25 million Series B funding round to accelerate its global scale-up and commercial deployment of next-generation renewable energy solutions. The capital raise underscores strong investor confidence in 247Solar’s ability to decarbonize some of the world’s toughest energy loads — particularly process heat and baseload power for industrial and commercial customers.
The Series B round has already secured approximately $3.5 million from existing investors, with additional commitments under active due diligence as the company advances its energy-as-a-service business model and expands into new markets. The fresh capital will be used to fund mass production of core technologies, scale manufacturing, expand business development teams, and drive cost reductions that will support broader adoption of its always-on clean energy platform.
Investors backing 247Solar include institutional and venture partners who supported the company through earlier stages and continue to stand behind its industrial decarbonization mission. Among the company’s backers are COCONUT GROVE Capital, a private investment firm with interests in sustainable technology ventures; First Financial Bankshares, a financial institution that provides capital and banking services to energy and industrial projects; McLean Capital Management, an investment firm active in infrastructure and energy sectors; Mintz, a private equity and investment firm; and Safar Partners, a strategic investment group focused on impact-oriented technologies. These investors have been instrumental in supporting 247Solar’s technology development and early commercial efforts.
Founded as a spin-out from the Massachusetts Institute of Technology, 247Solar’s technology harnesses solar energy through concentrating solar power (CSP) combined with integrated thermal storage to deliver continuous clean electricity and high-temperature process heat — solutions that conventional photovoltaic systems alone cannot provide without costly batteries. The company’s modular systems employ factory-produced components and operate under Power Purchase Agreements (PPAs) that allow customers to access decarbonized heat and power without upfront capital expense, supporting industrial, mining, data center, hydrogen, and desalination applications across six continents.
With the Series B capital, 247Solar plans to accelerate development of a larger 3.5 MW system — significantly upscaling from its current 400 kW modules — with full engineering expected by mid-2026 and deployment readiness in 2027. The funding will also support the launch of an industrial thermal battery designed to store excess energy from solar PV, wind, or grid sources for later dispatch, enhancing the flexibility and reliability of its heat-plus-power systems.
CEO Bruce Anderson has framed the company’s mission as addressing the “industrial clean energy gap” by delivering reliable, cost-competitive renewable solutions that mitigate carbon emissions while maintaining operational performance. 247Solar’s technology aims to cut energy bills by more than 25 percent for customers and reduce carbon emissions by up to 95 percent compared with fossil fuel-based heat and power, particularly in sectors where uninterrupted energy supply is critical.
The Series B funding comes as 247Solar’s active project pipeline exceeds $250 million, including engagements with a Top-20 global utility and off-grid mining operations, demonstrating commercial interest across diverse regions and industries. The company’s strategy includes scaling its energy-as-a-service model to de-risk projects for both investors and clients through build-own-operate arrangements with long-term PPAs.
Originating from more than a decade of research and innovation, 247Solar’s platform has attracted attention for its ability to combine high-temperature industrial heat delivery with continuous clean electricity generation — a dual capability that positions the company at the forefront of industrial decarbonization solutions. The modular nature of its system enables deployment in remote and emerging markets, where reliable renewable energy can have outsized economic and environmental impact.
Existing investor participation and the new Series B commitments highlight continued belief in 247Solar’s technology and business model, as well as the broader market opportunity for decarbonizing heat and power — one of the largest portions of industrial energy demand. As it pushes toward larger-scale production and global market entry, the company’s funding round marks a pivotal moment in its growth trajectory.
With a strengthened capital base and strategic investor support, 247Solar is well-positioned to expand its offerings, pursue further commercial milestones, and contribute to global efforts aimed at transitioning heavy industry away from fossil fuels through reliable, renewable alternatives.
