GlassPoint Solar, a US-based developer of solar steam technology, raised $53m in series C funding yesterday from investors including energy company Royal Dutch Shell.
Omani sovereign wealth fund State General Reserve Fund also participated in the round along with venture capital firms Chrysalix Energy Venture Capital, Nth Power and Rockport Capital Partners.
GlassPoint will use the cash to accelerate the deployment of its solar steam generators, which are targeted at the oil and gas industry for enhanced oil recovery. The company estimates its technology can cut the natural gas consumption at an oilfield by up to 80%.
Rod MacGregor, GlassPoint’s president and CEO, said: “The support from Oman’s largest sovereign wealth fund and Shell’s corporate venture arm, Shell Technology Ventures, validates solar enhanced oil recovery and its role in driving economic growth.
“This strategic investment reinforces GlassPoint’s partnership with Oman and brings tremendous value as we look to develop a world-class solar manufacturing capability and local supply chain in the Sultanate.”
GlassPoint has now raised about $86m since it was founded in 2009, including $26m from a 2012 series B round that featured Royal Dutch Shell, Nth Power, Chrysalix and RockPort.