GlassPointglasspoint.com
GlassPoint is a cleantech pioneer with locations in Germany, the USA, the UK and the Middle East. GlassPoint helps industrial customers drastically reduce their carbon emissions in a cost-efficient way by bundling solar energy to generate process heat.
GlassPoint has developed its proprietary “Enclosed Trough” technology specifically for the needs of industrial users, especially in remote environments. Used in numerous projects in California and the Middle East, the technology is currently the only proven solution for decarbonising process heat on a large scale. The solution is applicable in a range of industries, including mining and metals extraction, where CO2 reduction is a huge challenge.
„Rod MacGregor (CEO): “In times of ambitious ESG targets and increasing demand for sustainable goods, every major industrial company is scrutinising its value chain. GlassPoint offers the most cost-effective solution to immediately reduce CO2 emissions through sustainable process heat.”
Rod MacGregor, CEO and founder of GlassPoint, explained: “I am delighted to welcome MIG Capital as a partner and renown 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.” The funding will enable GlassPoint to expand its engineering, commercial and operations teams, enhancing its ability to lead in technology and meet the increasing market demands. In particular, the investment will also help the company to advance its project developing the world’s largest solar process heat plant for mining company Ma’aden in Saudi Arabia.
Dr. Søren Hein, Partner at MIG Capital, expressed enthusiasm about the partnership: “Our investment in GlassPoint is a strategic step towards global decarbonization, particularly in industrial heat, a sector that is crucial yet underaddressed in terms of carbon emissions. GlassPoint’s innovative technology will have a major environmental impact and pave the way for a cleaner, more sustainable future.” This investment aligns with MIG Capital’s dedication to environmental, social, and governance (ESG) principles, complementing other clean energy and environment investments in their portfolio. GlassPoint represents MIG Capital’s second new investment in 2024 and is currently the 32nd company in the venture firm’s portfolio.