GlassPoint Solar, a US-based solar steam technology backed by oil and gas producer Shell, went into liquidation last month, PV Magazine has reported, citing an internal email.
The move follows a decision by diversified conglomerate Mitsui not to pursue a planned investment in the company due to the economic slowdown, GlassPoint CEO Steven Moss wrote in an email to staff, calling the funding “necessary,” and adding that current shareholders were unable to meet the shortfall.
The company has laid off its employees and ceased its normal business activities. The news was confirmed on Saturday by one of GlassPoint’s shareholders, the Omani state-owned Sovereign General Reserve Fund, though the company itself has not issued a statement.
Founded in 2009 as CleanBoard, GlassPoint built greenhouses equipped with lightweight, curved mirrors that focus heat onto pipes containing water in order to produce zero-carbon steam for use in enhanced oil recovery, a process where additional crude oil is extracted from largely depleted fields.
The steam serves as an alternative to gas, which is otherwise burnt to produce heat and extract the oil, meaning companies effectively have to waste substantial one resource to generate another.
GlassPoint had raised more than $130m in funding according to PV Magazine, though the company appears to have only confirmed approximately $86m. Shell participated in its last publicly disclosed round, when it secured $53m in series C funding in 2014.
The series C round also featured State General Reserve Fund, Chrysalix Energy Venture Capital, Nth Power and Rockport Capital Partners. Shell had already taken part in a $26m series B round for GlassPoint two years previously, together with the latter three.
