| GlassPoint Solar, the leader in solar enhanced oil recovery (EOR), has announced a $53 million equity investment from the State General Reserve Fund (SGRF), the largest sovereign wealth fund in Oman, Royal Dutch Shell (Shell) and GlassPoint's existing investors. The funding will be used to accelerate the deployment of GlassPoint's solar steam generators, which can reduce an oilfield's natural gas consumption by up to 80 per cent.
"Solar-powered oil production will save valuable gas resources that can be used to establish new industries and create new jobs for Omanis. The support from Oman's largest sovereign wealth fund and Shell's corporate venture arm, Shell Technology Ventures, validates solar enhanced oil recovery (EOR) and its role in driving economic growth," said Rod MacGregor, president and chief executive officer of GlassPoint...............................................Full Article: Source
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