The corporate venturing unit of Anglo-Dutch oil major Royal Dutch Shell, has invested in a $26m Series B round for GlassPoint Solar, a provider of solar steam generators to the oil and gas industry. Also involved were venture capital firms RockPort Capital, Nth Power and return backer Chrysalix Energy Venture Capital.
Rod MacGregor, chief executive of GlassPoint, said: “We believe this investment validates our business and technical approach of creating solar solutions specifically for the oil and gas industry”.
Founded in 2008 GlassPoint, which was formerly known as CleanBoard, raised $6.1m in Series A funding in 2010, which included a strategic investment from energy industry professional services firm TJ Cross Engineers.
The new funds will be used to expand GlassPoint’s operations in the Middle East.