GlassPoint closes $20M funding round to fuel global expansion of solar industrial process heat

GlassPoint, the leader in solar industrial process heat, today announced it has closed a USD 20M funding round led by N.I.S. New Investment Solutions, a Liechtenstein-based asset management firm, with participation from returning investor MIG Capital. The investment will advance existing megaprojects with Searles Valley Minerals in California and Ma’aden in Saudi Arabia, as well as power expansion across the globe with a focus on projects in the U.S. Southwest, Southern Europe, the Middle East and South America.

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More energy is used globally in the form of industrial process heat (26 per cent) than all forms of electricity combined (20 per cent), according to the International Energy Agency. Unlike electricity, industrial process heat is notoriously difficult to decarbonise, primarily due to the low cost of burning fossil fuels to generate heat.

More than 50 per cent of the industry is located in regions sunny enough to benefit from GlassPoint technology. In those locations, GlassPoint’s technology delivers superior economics for industrial process heat compared to burning fossil fuels or electrification.

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“In many parts of the world, solar energy is now the lowest cost source of industrial power, creating an opportunity to simultaneously reduce operating costs and emissions,“ said Takashi Sato, Founder of N.I.S. “GlassPoint is a proven solution for this moment and has already won the confidence of some of the most discerning industrial organizations in the world, from oil and gas leaders to mining titans.”

“GlassPoint provides industry leaders with a proven solution to deliver industrial process heat at the lowest cost,” said Rod MacGregor, Chief Executive Officer at GlassPoint. “With this latest round of financing, we will expand into several new global markets where GlassPoint’s technology delivers compelling value. We look forward to helping leaders across mining, oil & gas, and building materials achieve a significant cost advantage against their competitors."

The funding comes on the heels of GlassPoint’s partnership with Searles Valley Minerals to deploy 750 MWth of GlassPoint’s advanced solar technology to reduce costs while beginning to decommission the last two coal-fired plants in California. The company continues to advance its flagship 1.5 GWth project with Ma’aden to decarbonise a bauxite refinery in Saudi Arabia and help the Kingdom meet aggressive sustainability goals. Additionally, GlassPoint’s 330 MWth deployment in Oman has been providing steam on a daily basis since 2017.

GlassPoint’s unmatched ability to deploy at scale is based on multiple industry-first technologies.  

• GlassPoint’s Enclosed Trough is the lowest-cost way to convert sunlight into industrial heat, delivering nearly 70 per cent of the energy available in sunlight directly to the customer.
• GlassPoint’s Unify Storage System stores solar heat during the day and releases it at night, enabling an uninterrupted supply of clean thermal energy whenever it is needed.

With the new funding, GlassPoint is expanding its Technology Centre in Stuttgart, Germany, with leading technologists and engineers. The company is also hiring business development, engineering, and finance talent in Dubai and the United States.

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Note: This article has been issued by GlassPoint and has been published by AL Circle with its original information without any modifications or edits to the core subject/data.