Decreasing oil prices push GlassPoint Solar into liquidation

May 18, 2020
Owning the Energy Transition More...
Other financial
by Patricia Seoane da Silva
Very important

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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