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Ausra Case Study

About Ausra

  • Ausra (now AREVA Solar) designs, develops, manufactures and installs solar steam generators for the global power generation and industrial steam customers
  • Ausra’s Compact Linear Fresnel Reflector (CLFR) solar steam generators are designed for existing fossil-fired plants, new standalone solar and solar/fossil hybrid plants, and a diverse range of industrial customers
  • Ausra was owned by several leading venture capitalist and private equity firms, led by Kleiner Perkins Caufield & Byers and Khosla Ventures

Overview and Challenges

  • The deployment of concentrated solar power (CSP) technology on a global commercial scale is very capital intensive, requiring capital well in excess of that typically available from venture capital investors
  • Ausra had world-leading CSP technology, but realized that a strategic partner was required to achieve commercial-scale deployment
  • AREVA was very focused on future backlog and Ausra’s path to commercialization

Our Advice and Execution

  • Ausra’s owners organized a “beauty contest” to appoint a sell-side financial advisor
  • Our in-depth knowledge of the CSP space and our significant transaction experience were key reasons why we were hired, ahead of competing bulge-bracket investment banks
  • We worked closely with management to articulate Ausra’s potential backlog and technology roadmap, which included a significant increase in efficiency
  • We utilized our knowledge and experience to convince AREVA of Ausra’s future profitability and generate a favorable outcome for our clients

Enhanced Success

  • AREVA acquired Ausra and renamed it AREVA Solar
  • Under new ownership, the company has been able to expand significantly internationally and accelerate its pipeline, while continuing to improve on its leading technology