GlassPoint Raises $20 Million in Latest Funding Round
Dubai, United Arab Emirates – GlassPoint, a pioneering company in solar industrial process heat, announced today the successful closure of a $20 million funding round. The investment, led by N.I.S. New Investment Solutions, a Liechtenstein-based asset management firm, saw participation from existing investor MIG Capital. The announcement was made on January 26, 2026, from Dubai, signaling a significant boost for the company's global initiatives to decarbonize industrial heat.
Strategic Expansion and Key Projects
The newly secured capital is earmarked to accelerate the deployment of GlassPoint's large-scale solar industrial process heat projects worldwide. A primary focus will be the advancement of two major megaprojects: one with Searles Valley Minerals in California, where 750 MWth of GlassPoint technology is set to help phase out the state's last two coal-fired power plants, and another 1.5 GWth flagship project with Ma'aden in Saudi Arabia, aimed at decarbonizing a bauxite refinery.
Beyond these existing ventures, GlassPoint plans to drive commercial expansion into new markets, including the U.S. Southwest, Southern Europe, the broader Middle East, and South America. The company also intends to expand its Technology Center in Stuttgart, Germany, and recruit new talent in Dubai and the United States to support its growing operations.
Decarbonizing Industrial Heat
GlassPoint specializes in providing solar-thermal technology that generates steam for industrial processes, utilizing proprietary enclosed trough technology. This solution offers a cost-effective alternative to fossil fuels for industrial heat, which is notoriously difficult to decarbonize. According to the International Energy Agency, industrial process heat accounts for 26% of global energy usage, surpassing all forms of electricity combined.
Takashi Sato, Founder of N.I.S., expressed confidence in GlassPoint's impact, stating, 'In many parts of the world, solar energy is now the lowest cost source of industrial power, creating an opportunity to simultaneously reduce operating costs and emissions.' He added, 'GlassPoint is a proven solution for this moment and has already won the confidence of some of the most discerning industrial organizations in the world, from oil and gas leaders to mining titans.'
Rod MacGregor, CEO of GlassPoint, highlighted the company's commitment: 'GlassPoint provides industry leaders with a proven solution to deliver industrial process heat at the lowest cost.' He further noted, 'With this latest round of financing, we will expand into several new global markets where GlassPoint's technology delivers compelling value. We look forward to helping leaders across mining, oil & gas, and building materials achieve a significant cost advantage against their competitors.'
5 Comments
Comandante
Only $20 million for 'megaprojects'? Sounds like a drop in the bucket, not a game-changer.
Bella Ciao
Securing funding for such a niche but critical area is positive for climate goals. However, expanding into so many new markets simultaneously with this capital might spread resources too thin, potentially delaying real impact.
Muchacha
It's encouraging to see investment in industrial decarbonization, which is a major challenge. However, the scale of global industrial heat is immense, and $20 million is a relatively small drop for such ambitious plans.
Africa
Solar for bauxite refining in Saudi Arabia still supports environmentally damaging industries. How green is that?
Bermudez
Cost-effective solar heat replacing fossil fuels? That's a win-win for everyone.