Solar Enhanced Oil Recovery (EOR) leader GlassPoint Solar is set to receive a US$53 million equity investment from the State General Reserve Fund –- Oman’s largest sovereign wealth fund – Royal Dutch Shell and other investors.
The investment will be used to speed up the release of GlassPoint’s solar steam generators, which can lower an oilfield’s natural gas consumption by up to 80%.
Rod MacGregor, president & CEO of GlassPoint, said: “Solar-powered oil production will save valuable gas resources that can be used to establish new industries and create new jobs for Omanis. The support from Oman’s largest sovereign wealth fund and Shell’s corporate venture arm, Shell Technology Ventures, validates solar enhanced oil recovery (EOR) and its role in driving economic growth. This strategic investment reinforces GlassPoint’s partnership with Oman and brings tremendous value as we look to develop a world-class solar manufacturing capability and local supply chain in the Sultanate.”
GlassPoint’s projects have already been warmly received in Oman ever since the company unveiled their first facility in the country in late 2012. Built with the help of Petroleum Development Oman, the system has been generating an average of 50 tonnes of steam daily.
Additional investors in the funding were Chrysalix Energy Venture Capital, Nth Power and RockPort Capital – all prior investors with GlassPoint.
Abdulsalam Al Murshidi, executive president of SGRF, commented on this latest investment, which is the first in alternative energy for the sovereign wealth fund, “Our portfolio is designed to secure the future prosperity of Oman and its people by creating a diversified asset base to complement the country’s wealth of natural resources. GlassPoint’s technology can provide a multitude of tangible economic benefits to Oman and any country with abundant sunshine and a scarcity of alternative fuel for thermal EOR. By diverting natural gas from oil production to power new industries, we believe this investment will have profound implications on the economy beyond the direct impact it brings to the oil and gas sector.”