GlassPoint is the leading provider of solar steam generators to the oil and gas industry. When used for Enhanced Oil Recovery (EOR), GlassPoint solar steam generators reduce natural gas consumption by up to 80%, redirecting gas resources to higher value uses such as petrochemicals, electricity generation and LNG export. GlassPoint’s solar EOR solution delivers steam at costs competitive with gas-fired steam generation, enabling producers to economically recover more oil.
We first met GlassPoint founders Rod MacGreggor and Pete von Behrens in 2008, when their concept was very early stage. From the beginning, we were convinced that they had conceived a radically superior approach to steam generation. However, we wanted to see a clear market focus, and real-world cost validation. We kept in close contact with the team over several years, and were impressed at their progress. The thermal enhanced oil recovery market consumes enormous amounts of energy, and GlassPoint’s solution has the potential to enable massive savings. Since leading their Series B round, we’ve helped to establish key relationships that will further GlassPoint’s reach into the global oil and gas market, and we’re excited to be GlassPoint’s partner.