GlassPoint, a NYC-based company that specializes in decarbonizing industrial process heat, closed an $8M series A funding.
The round was led by 300PPM, with participation from former Australian prime minister Malcolm Turnbull, former Alcoa COO Tomas Sigurdsson and several additional industrial leaders. This is the first investment by 300PPM, which was founded in 2023 to accelerate the path to net-zero by deploying climate infrastructure globally at speed and scale.
The company intends to use the funds to expand operations and its business reach.
Led by CEO and founder Rod MacGregor, GlassPoint builds, owns and operates large-scale solar steam facilities to reduce carbon emissions in hard-to-abate industries such as mining and metals, chemicals, construction materials, desalination and more. Its solar steam solution is available for a range of hard-to-abate industries, including mining and metals.
The funding follows the company’s memorandum of understanding with Ma’aden to develop the world’s largest solar process heat plant to convert bauxite into alumina and help Saudi Arabia meet sustainability goals. GlassPoint has deployed more than half of all the solar steam for industry in the world and the company has been reliably producing solar steam for over a decade.
FinSMEs
31/07/2023