Solar steam firm GlassPoint has secured $8 million (£6.3m) in its latest investment round to support the decarbonisation of industrial process heat at scale.
The company’s solar steam solution, which uses concentrated solar arrays housed in glass greenhouses to produce steam at gigawatt scale instead of natural gas, is available for a range of hard-to-abate industries, including mining and metals.
It will use the investment, led by decarbonisation firm 300PPM, to expand operations to help industrial companies decarbonise and meet net zero commitments.
The funding comes on the heels of GlassPoint’s memorandum of understanding with Ma’aden to develop the world’s largest solar process heat plant to convert bauxite into alumina and help Saudi Arabia meet its sustainability goals.
GlassPoint CEO and Founder Rod MacGregor said: “We are seeing strong interest around the world as consumer demand for sustainable goods, soaring ESG goals and the Inflation Reduction Act drive unprecedented investment in carbon-reducing technologies.
“Every major industrial company is reassessing their supply chain and GlassPoint provides the most cost-effective option to reduce carbon emissions immediately by delivering renewable heat at the scale they need. We look forward to putting this investment to work to help industrial leaders across the Middle East and North America decarbonise materials essential to the energy transition and combat climate change.”