GlassPoint receives $2.5M investment from MIG Capital for solar steam facilities

German VC firm MIG Capital has invested $2.5 million in cleantech company GlassPoint. 

GlassPoint builds, owns and operates large-scale solar steam facilities to reduce carbon emissions in hard-to-abate industries such as mining and metals, chemicals, construction materials,  desalination and more. 

By harnessing sunshine to produce steam, GlassPoint helps industry players reduce their carbon emissions at the lowest possible cost. GlassPoint designed its patent-protected enclosed trough technology specifically to address the needs of industrial users,  especially those operating in remote and harsh environments. 

GlassPoint is the only solution proven at scale to reduce carbon emissions from industrial process heat and has built more than half of the industrial solar steam  capacity in the world.

A solar thermal system design that encapsulates the system within a greenhouse-like glasshouse. 

GlassPoint is driving adoption of its technology with a unique 'steam-as-a-service' model. This approach not only eliminates the need for capital allocation but also streamlines customer decision-making and reduces business risk, making it an attractive proposition for industry players. 

Rod MacGregor, CEO and founder of GlassPoint, explained: 

"I am delighted to welcome  MIG Capital as a partner and renowned investor who shares our vision. Collaborating with MIG's  experienced team of experts will provide significant momentum for the continued evolution of  our business model." 

This investment extends the company's 2023 Series A financing round led by 300PPM and joined by accomplished industry leaders including former Australian prime minister Malcolm  Turnbull and former Alcoa COO Tomas Sigurdsson. 

Dr. Søren Hein, Partner at MIG Capital, shared:

"Our investment in GlassPoint is a strategic step towards global decarbonisation, particularly in industrial heat, a sector that is crucial yet under addressed in carbon emissions. 

GlassPoint's innovative technology will have a significant environmental impact and pave the way for a cleaner, more sustainable future."

The funding will enable GlassPoint to expand its engineering, commercial and operations teams and advance its project of developing the  world's largest solar process heat plant for mining company Ma'aden in Saudi Arabia.