Participated · Equity · Sep 2014

GlassPoint builds, owns, and operates enclosed-trough solar facilities that generate high-temperature steam for industrial customers, claiming to supply 60% of the world’s installed solar industrial steam capacity. Its core Enclosed Trough collectors convert nearly 70% of incoming sunlight into heat, while the Unify Storage System stores that heat for night-time use, giving customers round-the-clock thermal energy. Flagship deployments include a 1.5 GWth project with Ma'aden to decarbonize a Saudi bauxite refinery, a 750 MWth system that will help Searles Valley Minerals retire California coal plants, and a 330 MWth plant that has delivered daily steam in Oman since 2017. The company is now targeting new megaprojects across the U.S. Southwest, Southern Europe, the Middle East, and South America. Proceeds from its latest funding will also expand its Stuttgart Technology Center and grow business development, engineering, and finance teams in Dubai and the United States. GlassPoint positions its solution as a cheaper alternative to burning fossil fuels or electrification for process heat, aiming to lower both emissions and operating costs for heavy industry.