GlassPoint Solar raises $26M for oil-extraction technology
GlassPoint Solar closed a $26 million investment.
Big oil gave another nod to solar last week with GlassPoint Solar’s announcement of $26 million in funding.
The Fremont, Calif.-based company, which develops solar technology for use in oil extraction, raised this latest round from Royal Dutch Shell and venture capital firms including RockPort Capital, Nth Power and Chrysalix Ventures.
Royal Dutch Shell is one of the world’s largest oil companies and is clearly interested in the possibility of using GlassPoint’s thermal solar steam generators to heat water into steam. This is a technique to facilitate the recovery of heavy oil that is too thick to pump to the surface using conventional means.
The GlassPoint equipment could either replace or complement traditional oil extraction methods of burning natural gas to make steam.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.