US-based solar steam projects developer GlassPoint has raised USD 2.5 million (EUR 2.32 million) in fresh capital from German venture capital firm MIG Capital, as part of an extension to its Series A financing round led by 300PPM less than a year ago, MIG announced in a statement today.
The funding infusion is earmarked for expanding GlassPoint's engineering, commercial, and operations teams amid increasing demand. Notably, it will bolster the company's efforts in constructing the world's largest solar process heat plant for mining company Ma'aden in Saudi Arabia.
Founded in 2009, GlassPoint employs solar thermal systems housed in greenhouse-like glasshouses to produce solar steam for heavy industries. The company operates in Germany, the US, the UK, and the Middle East, where it recently committed to establishing a manufacturing facility and technology showcase.
MIG Capital highlighted that its investment in GlassPoint marks its second new venture in 2024, adding to a portfolio that includes 31 other companies.
