Industrial decarbonization-focused startup GlassPoint announced that it has raised $8 million, with proceeds from the Series A funding round supporting its solution to reduce carbon emissions from industrial process heat in hard-to-abate sectors.
Founded in 2009, New York-based GlassPoint designs and manufactures solar steam generators that use solar thermal technology to generate steam, reducing carbon emissions in hard-to-abate industries like mining and metals, chemicals, construction materials, and desalination. According to the company, its solution is the only one proven at scale to lower carbon emissions from industrial process heat.
Rod MacGregor, GlassPoint CEO and founder, said:
“We are seeing strong interest around the world as consumer demand for sustainable goods, soaring Environmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. More 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.”
According to GlassPoint, the funding will enable it to expand its operations and further support industrial companies in their decarbonization efforts and net-zero commitments.
The funding round was led by newly founded decarbonization infrastructure company 300PPM,marking the company’s first investment, and included participation from former Australian Prime Minister Malcolm Turnbull, former Alcoa COO Tomas Sigurdsson, and other industrial leaders. 300PPM’s founding partner and head of business development, Howar Talabany, will join GlassPoint’s board of directors.
“More than 40% of the Fortune 500 have set net-zero goals as leaders increasingly internalize the business and investor value that accompanies decarbonization. They’re also realizing that to deliver on these goals they need to scale viable solutions now. GlassPoint stands out in a sea of innovators as the only solution proven at scale to decarbonize the $444B industrial process heat market. With a robust customer pipeline and impressive executive team, GlassPoint is well positioned to lead essential decarbonization efforts across industries.”