300PPM leads investment in the only proven solution to decarbonize process heat at scale
NEW YORK, July 31, 2023 /PRNewswire/ — Today, GlassPoint, the leader in decarbonizing industrial process heat, closed an $8M series A investment led by 300PPM and joined by former Australian prime minister Malcolm Turnbull, former Alcoa COO Tomas Sigurdsson and several additional industrial leaders. GlassPoint will use the investment to expand operations to help industrial companies decarbonize and meet looming net-zero commitments with the only solution proven to decarbonize industrial process heat at scale.
This is the first investment by 300PPM, which was founded in 2023 to accelerate the path to net-zero by deploying climate infrastructure globally at speed and scale. Howar Talabany, 300PPM founding partner and head of business development, led the investment and 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,” said Talabany. “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.”
The funding comes on the heels of GlassPoint’s groundbreaking memorandum of understanding with Ma’aden to develop the world’s largest solar process heat plant to convert bauxite into alumina and help Saudi Arabia meet sustainability goals. GlassPoint has deployed more than half of all the solar steam for industry in the world and the company has been reliably producing solar steam for over a decade.
New regulations from the U.S. Securities and Exchange Commission will soon require publicly listed companies to disclose climate-related risks as well as information around direct and indirect carbon emissions, increasing pressure on leaders to develop actionable carbon-reducing strategies. Moreover, a recent Fortune 500 CEO survey found that a strong majority of business leaders believe focusing on climate will help deepen relationships with employees and customers.
“We are seeing strong interest around the world as consumer demand for sustainable goods, soaring ESG goals and the Inflation Reduction Act drive unprecedented investment in carbon-reducing technologies,” said GlassPoint CEO and founder Rod MacGregor. “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. We look forward to putting this investment to work to help industrial leaders across the Middle East and North America decarbonize materials essential to the energy transition and combat climate change.”
GlassPoint’s solar steam solution is available for a range of hard-to-abate industries, including mining and metals. The company is accelerating adoption with a steam-as-a-service model that eliminates the need for capital allocation, streamlines customer decision making and reduces business risk.
GlassPoint decarbonizes the production of materials essential to the energy transition and makes a substantial impact on combating climate change. The company builds, owns and operates large-scale solar steam facilities to reduce carbon emissions in hard-to-abate industries such as mining and metals, chemicals, construction materials, desalination and more. GlassPoint is the only solution proven at scale to reduce carbon emissions from industrial process heat and has built more than half of the industrial solar steam capacity in the world. Learn more at glasspoint.com.
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