GlassPoint Solar, a US-based provider of solar steam generators for oil recovery formerly known as CleanBoard until October last year when it was focused on the construction industry, has raised $3.5m.
Canada-based venture capital firm Chrysalix Energy led the round, which also included TJ Cross Engineers as a strategic investor.
Chrysalix closed its third fund at $123m in May including as limited partners oil groups Total, Shell Hydrogen, and Kuwait Petroleum.
The latest investment will help GlassPoint sell its solar steam technology and finance a solar-enhanced oil recovery demonstration plant in California.
Stuart Heisler, thermal recovery expert and principal at TJ Cross Engineers, said: "With more than 50% of oil in the US still in the ground, operators are in need of viable recovery techniques to reach these untapped resources.
"With GlassPoint’s solar enhanced oil recovery technology, production can be quickly expanded in an increasingly strict regulatory environment, free from permitting and emission concerns, while locking in a low-cost fixed energy price for the life of the field. In many cases, we can bring a GlassPoint steam generator online in less time than it takes to obtain the air permits for a gas-fired steam generator."
Separately, Enbala Power Networks, a Canada-based developer of smart-grid technology formerly known as Sempa Power, has raised $8m from a venture capital consortium including Chrysalix, EnerTech Capital, Export Development Canada, XPV Capital and Walsingham Fund.