GlassPoint Solar Inc., a Fremont, California-based provider of solar enhanced oil recovery (EOR) solutions, has closed a US$26m Series B financing.
Backers include Royal Dutch Shell plc group, RockPort Capital, Nth Power and Chrysalix Energy Venture Capital.
The company intends to use the capital for future large-scale deployment of its solar steam technology in EOR projects around the world.
Led by Rod MacGregor, CEO, GlassPoint provides solar steam generators to the oil and gas industry used for Enhanced Oil Recovery (EOR) to reduce natural gas consumption redirecting gas resources to applications such as electricity generation and export.
Last year, the company unveiled a commercial solar EOR project at a 100-year old oil field operated by Berry Petroleum in McKittrick, California. It is currently constructing a 7 MW field trial project in Southern Oman together with PDO.
GlassPoint Solar has offices in Bakersfield, California, Muscat, Oman and Shenzhen, China.
FinSMEs
11/12/2012