GlassPoint raises USD 53m from latest funding round

Sep 8, 2014 - US solar steam generators maker GlassPoint Solar Inc said today it had closed a USD-53-million (EUR 41m) funding round led by Oman’s largest sovereign wealth fund and the Royal Dutch Shell Plc (AMS:RDSA).

GlassPoint noted it will use the fresh funds to step up the deployment of its solar steam generators, which are used in the oil and gas sector for applications such as enhanced oil recovery (EOR). These generators can cut the natural gas consumption of an oilfield by up to 80%, according to the company.

The State General Reserve Fund (SGRF) and the oil giant’s corporate venture capital arm, Shell Technology Ventures, have participated in the equity round alongside existing investors Chrysalix Energy Venture Capital, Nth Power and RockPort Capital.

The US company’s pilot project is located in southern Oman and has been operating since late 2012. The system generates an average of 50 tonnes of steam daily. GlassPoint’s enclosed trough technology uses curved mirrors that concentrate sunlight on a boiler tube in order to boil the water contained inside, thereby producing steam. The steam is then injected into an oil reservoir to heat heavy oil and increase production.

(USD 1.0 = EUR 0.773)

Choose your newsletter by Renewables Now. Join for free!