GlassPoint, a Concentrated Solar Power startup that specializes in selling solar-generated steam for industrial uses, is revamping its strategy to ensure it can better navigate future challenges. The company, along with other climate-tech ventures, is anticipating improved results due to the increased focus on carbon emissions reduction.
One of the main factors that differentiate GlassPoint’s latest operation from its previous iteration is the current macro environment, with decarbonization becoming a priority for many. Rod MacGregor, GlassPoint’s Chief Executive and co-founder, highlights that the company has been reestablished after being liquidated in 2020, and the relaunched version has secured $8 million in a Series A funding round led by 300PPM, a new investor.
Although GlassPoint’s current valuation is significantly lower than its peak value of over $400 million in 2017, MacGregor notes that the company has become leaner, employing around a dozen individuals compared to its previous workforce of hundreds. The funding received indicates the progress made by GlassPoint, but the capital-intensive nature of its business poses ongoing challenges.
GlassPoint’s expertise lies in developing solar thermal technology that utilizes mirrors to concentrate sunlight onto water-filled pipes, generating steam. The company’s technology is integral to the operation of the Miraah solar thermal plant in Oman, which has been in production since 2018 and is one of the largest of its kind globally. The steam produced by the plant aids in the extraction of heavy crude oil.
As GlassPoint adapts to the changing landscape of renewable energy, it is clear that the company’s ambition for large-scale projects will require strategic funding amidst rising capital costs. Nonetheless, GlassPoint’s innovative solar thermal technology continues to play a pivotal role in sustainable energy production.
