German venture capital firm MIG Capital has invested $2.5 million in clean technology company GlassPoint.
GlassPoint builds, owns and operates large-scale solar steam facilities to reduce carbon emissions in hard-to-abate industries, including mining, metals, chemicals, construction materials and desalination.
GlassPoint helps industry players reduce their carbon emissions at the lowest possible cost by using sunlight to generate steam. GlassPoint has designed its patented enclosed trough technology to meet the needs of industrial users, especially those working in remote and harsh environments.
GlassPoint is the only solution proven to reduce carbon emissions from industrial process heat at scale and has built more than half of the world’s industrial solar steam capacity.
Design of a solar thermal system that is built into a glass house like a greenhouse.
GlassPoint drives adoption of its technology with a unique “Steam-as-a-Service” model, an approach that not only eliminates the need for capital allocation, but also streamlines decision-making for customers and reduces business risk, making it an attractive proposition for industry players.
Rod MacGregor, CEO and founder of GlassPoint, explains:
“We are excited to welcome MIG Capital as a partner and prominent investor that shares our vision. Working with MIG’s team of experienced professionals will provide great momentum to the continued evolution of our business model.”
The investment is an extension of the company’s 2023 Series A funding round, which was led by 300PPM and included participation from industry leaders such as former Australian Prime Minister Malcolm Turnbull and former Alcoa COO Tomas Sigurdsson.
Dr. Søren Hein, Partner at MIG Capital, said:
“Our investment in Glasspoint is a strategic step towards global decarbonisation, with the industrial heating sector in particular being a crucial yet under-addressed area of carbon emissions.”
GlassPoint’s innovative technology will have a profound impact on the environment and pave the way for a cleaner, more sustainable future.”
The funding will enable Glasspoint to expand its engineering, sales and operations teams and advance its project to develop the world’s largest solar thermal processing plant for Saudi Arabian mining company Ma’adan.
