GlassPoint announced the closing of its latest $20 million funding round to accelerate the global deployment of its solar industrial process heat technology.
The investment was round was led by N.I.S. New Investment Solutions AG with participation from existing investor MIG Capital.
Latest News: Transition Metal Solutions Raises $6M to Commercialize Novel “Prebiotic” Mining Technology
Latest Funding Details
- Amount: $20 million.
- Lead Investor: N.I.S. New Investment Solutions, a Liechtenstein-based asset management firm.
- Participating Investors: MIG Capital, a returning investor.
- Funding Purpose: GlassPoint plans to use the fresh funds to fuel its global expansion and advance existing solar industrial heat megaprojects, including the 750 MWth project with Searles Valley Minerals in California and the 1.5 GWth project with Ma’aden in Saudi Arabia.
Global Expansion
GlassPoint is expanding into new markets that have high industrial heat demand and strong solar resources, including the U.S. Southwest, Southern Europe, the Middle East, and South America.
With this latest round, GlassPoint has secured a total of approximately $115 million to date across multiple funding rounds from investors, including Shell Ventures, Nth Power, and RockPort Capital.
GlassPoint – Solar Thermal Technology
GlassPoint is the leader in solar industrial process heat, with its technology powering 60% of the world’s solar industrial steam capacity. The company’s technology helps decarbonize “hard-to-abate” industries like mining, oil and gas, and chemicals by producing carbon-free steam at a lower cost than fossil fuels or electrification. Its core offerings include the Enclosed Trough for high-efficiency solar-to-heat conversion and the Unify Storage System for 24/7 thermal energy supply.
Key CEO Quote
“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.
Rod MacGregor added: “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.”
Next News: osapiens Clinches $100M to Automate Global Sustainability Reporting with AI