A company that uses solar energy to recover crude has scored big financing from some major oil players—and highlights a growing niche of global oil exploration.
GlassPoint Solar last week landed a $53 million investment from Royal Dutch Shell and the sovereign investment fund of Oman for its enhanced oil recovery (EOR) technology. In a twist of irony, GlassPont's technology runs on solar power, which produces steam to help pump more fossil fuel from conventional crude plays.
GlassPoint has been using this technique in Oman since 2012, and it helped the firm score more than double its initial funding. Given the age of its oil fields, Oman relies on EOR—a complex process that extracts more oil than traditional drilling—to boost production.
Although EOR is common to the oil industry, using the power of the sun "is expanding very rapidly, and is a very new technology" said Rod MacGregor, GlassPoint's CEO, in an interview. "This application looks like the next step for solar."