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Chrysalix Leads $3.5 Million Funding Round in GlassPoint
Tuesday, October 19, 2010
Solar enhanced oil recovery (EOR) technology promises greater proven reserves
for heavy oil fields with less cost & environmental impact.
VANCOUVER, BC - Today, Chrysalix Energy Venture Capital, one of the largest and most active venture investors in early-stage clean energy companies in the world, announced its investment in GlassPoint , a provider of solar steam generators for industrial process heat applications. To help with the company’s initial market focus in enhanced oil recovery (EOR), the total round of US$3.5 million will help the company accelerate the commercialization of their solar EOR technology and finance the deployment of a demonstration system in Bakersfield, California.
“Our investment in GlassPoint is part of Chrysalix’s special interest in technologies that clean up conventional energy,” said Charlie Haythornthwaite, Vice President of Investments at Chrysalix. “GlassPoint’s solar EOR solution can increase oil companies’ proven reserves - improving their asset value – while driving down the operating cost and environmental impact of conventional EOR techniques that burn huge quantities of natural gas.”
GlassPoint has developed a unique solar field architecture for concentrating solar thermal converting sunlight into heat for use in industrial processes like EOR. The company’s solar steam generators deliver emissions-free steam with zero fuel costs for 30 years. The solar steam is projected to be significantly lower cost than the conventional process of burning natural gas. GlassPoint’s systems integrate with conventional gas-fired EOR equipment and offer the lowest capital cost, lowest operations and maintenance costs, and most efficient use of land when compared to other solar thermal architectures. With thermal EOR becoming increasingly common to improve oil production economics in regions with heavy oil reserves, and the growing recognition of the benefits of solar EOR, GlassPoint is well positioned to address a multi-billion dollar market.
The GlassPoint investment is part of Chrysalix’s newest fund, CELP III, now consisting of seven clean energy investments from around the world. For further information on GlassPoint and its technology, please visit www.glasspoint.com.
About Chrysalix Energy Venture Capital
Chrysalix is a venture capital firm investing in technologies that will drive the new energy economy. The firm provides early stage financing, hands-on assistance, and strategic connections to innovative companies confronting the world’s most important energy and environmental issues. In the past few years, the firm has consistently ranked among the top most active clean energy technology venture capital firms in the world. The Chrysalix team has an exceptional track record in this still young industry. Collectively, it has over 100 years of experience in the energy industry and over 100 years in the venture capital business. The firm is backed by a strong group of blue-chip international industrial and financial Limited Partners, and is headquartered in Vancouver, British Columbia. In total Chrysalix has approximately $300M in assets under management from CELP III and earlier funds. For more information, please visit http://www.chrysalix.com.
Magnolia Marketing Communications
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