Producer of solar equipment used for enhanced oil recovery (EOR) GlassPoint Solar has announced receiving $53 million in equity investment from Oman's State General Reserve Fund (SGRF), Royal Dutch Shell and GlassPoint's existing investors, reported Muscat Daily.
The money will be used to accelerate the deployment of GlassPoint’s solar steam generators, which can reduce an oilfield’s natural gas consumption by up to 80%, GlassPoint president and CEO Rod MacGregor told Muscat Daily, adding that Oman remains at the centre of GlassPoint’s regional activity.
Moreover, this new $53 million investment will be used to expand in the Sultanate and the region, he revealed, noting that GlassPoint might take in more investments in the future, however, that will be only for strategic purposes.
The money will be used to accelerate the deployment of GlassPoint’s solar steam generators, which can reduce an oilfield’s natural gas consumption by up to 80%, GlassPoint president and CEO Rod MacGregor told Muscat Daily, adding that Oman remains at the centre of GlassPoint’s regional activity.
Moreover, this new $53 million investment will be used to expand in the Sultanate and the region, he revealed, noting that GlassPoint might take in more investments in the future, however, that will be only for strategic purposes.
Source:
Mubasher
