Decreasing oil prices push GlassPoint Solar into liquidation

May 18, 2020
Owning the Energy Transition More...
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by Patricia Seoane da Silva
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The company went into liquidation after it failed to secure funding from Mitsui and other minority partners. This investment decision was reportedly affected by the economic slowdown caused by COVID-19, which has led to a sharp decrease in oil demand and thus prices. GlassPoint Solar developed a solar-powered alternative to natural gas for producing steam in enhanced oil recovery applications. This technology captured attention in the Middle East, where the company formed a partnership with Petroleum Development Oman. Yet GlassPoint Solar has become another example of vulnerabilities across the O&G sector due to the pandemic. Clients should continue to monitor large O&G players and expect activity across solar thermal to shrink. 

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