- Nachrichtendetail
-
02.07.2024 09:30:34 - dpa-AFX: EQS-News: MIG Capital invests in GlassPoint to accelerate innovation in decarbonized industrial heat through solar thermal power (english)
MIG Capital invests in GlassPoint to accelerate innovation in decarbonized
industrial heat through solar thermal power
EQS-News: MIG CAPITAL AG / Key word(s): Financing
MIG Capital invests in GlassPoint to accelerate innovation in decarbonized
industrial heat through solar thermal power
02.07.2024 / 09:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Press Release
MIG Capital invests in GlassPoint to accelerate innovation in decarbonized
industrial heat through solar thermal power
Munich, 2 July 2024
MIG Capital, one of Germany's leading venture capital firms, is pleased to
announce that its MIG funds 6 and 17 have invested US$ 2.5mn in GlassPoint.
This investment extends last year's Series A financing round which was led
by the clean infrastructure investor 300PPM and joined by accomplished
industry leaders including former Australian prime minister Malcolm Turnbull
and former Alcoa COO Tomas Sigurdsson.
GlassPoint is a pioneering cleantech company with presence in Germany, the
US, UK and Middle East. By harnessing sunshine to produce steam, GlassPoint
helps industry players reduce their carbon emissions at the lowest possible
cost. GlassPoint designed its patent-protected enclosed trough technology
specifically to address the needs of industrial users, especially those
operating in remote and harsh environments. Having been deployed in multiple
projects in California and the Middle East, enclosed trough technology is
currently the only proven solution to decarbonize process heat at scale.
Enclosed trough technology is a solar thermal system design that
encapsulates the system within a greenhouse-like glasshouse.
The 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.
Rod MacGregor, CEO and founder of GlassPoint, explained: "I am delighted to
welcome MIG Capital as a partner and renown investor who shares our vision.
Collaborating with MIG's experienced team of experts will provide
significant momentum for the continued evolution of our business model."
The funding will enable GlassPoint to expand its engineering, commercial and
operations teams, enhancing its ability to lead in technology and meet the
increasing market demands. In particular, the investment will also help the
company to advance its project developing the world's largest solar process
heat plant for mining company Ma'aden in Saudi Arabia.
Dr. Søren Hein, Partner at MIG Capital, expressed enthusiasm about the
partnership: "Our investment in GlassPoint is a strategic step towards
global decarbonization, particularly in industrial heat, a sector that is
crucial yet underaddressed in terms of carbon emissions. GlassPoint's
innovative technology will have a major environmental impact and pave the
way for a cleaner, more sustainable future."
This investment aligns with MIG Capital's dedication to environmental,
social, and governance (ESG) principles, complementing other clean energy
and environment investments in their portfolio. GlassPoint represents MIG
Capital's second new investment in 2024 and is currently the 32nd company in
the venture firm's portfolio.
About GlassPoint
GlassPoint is the leader in decarbonizing the $444B industrial process heat
market. By focusing on reducing emissions associated with the production of
materials essential to the energy transition, GlassPoint is making 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 www.glasspoint.com.
About MIG Capital
MIG Capital is one of the leading German VC investors. Through its MIG
funds, MIG invests in young deep tech and life sciences companies in
German-speaking Europe and beyond. To date, the company has invested over
EUR730 million in more than 50 start-ups. MIG portfolio companies develop
innovations in areas including biopharmaceuticals, energy and environmental
technologies, advanced computing, digitalization / IoT, medical technology
and digital health. The MIG investment portfolio currently consists of 32
companies.
MIG's investment team is made up of a dedicated group of engineers,
scientists, physicians and entrepreneurs who use analytical and creative
processes to assess the risks and opportunities of business models and
technologies. Their reputation, experience and network provide excellent
access to companies, institutions and decision-makers to support the growth
of their portfolio companies.
In recent years, MIG Capital has realized more than ten successful portfolio
company sales, including Siltectra (to Infineon) and Hemovent (to
MicroPort). It has placed several companies on the stock exchange including
BRAIN, NFON, BioNTech and Immatics.
For further information, please visit: www.mig.ag, www.mig-fonds.de.
LinkedIn: MIG Capital
Contact
MIG Capital
Dr. Søren Hein, Partner
+49-89-94382680
info@mig.ag
Media Inquiries
MC Services
Dr. Cora Kaiser, Catherine Featherston, Dr. Johanna Kobler
+49-89-210228-0
migag@mc-services.eu
---------------------------------------------------------------------------
02.07.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
1937193 02.07.2024 CET/CEST
industrial heat through solar thermal power
EQS-News: MIG CAPITAL AG / Key word(s): Financing
MIG Capital invests in GlassPoint to accelerate innovation in decarbonized
industrial heat through solar thermal power
02.07.2024 / 09:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Press Release
MIG Capital invests in GlassPoint to accelerate innovation in decarbonized
industrial heat through solar thermal power
* GlassPoint's patent-protected, proven technology harnesses sunshine to
provide fully decarbonized, low-cost steam for industrial processes
* MIG Capital joins existing shareholders 300PPM and several private
investors in a Series A extension round
* The funding will be used to expand GlassPoint's engineering, commercial
and operations teams that will deliver on the pipeline of large-scale
projects
Munich, 2 July 2024
MIG Capital, one of Germany's leading venture capital firms, is pleased to
announce that its MIG funds 6 and 17 have invested US$ 2.5mn in GlassPoint.
This investment extends last year's Series A financing round which was led
by the clean infrastructure investor 300PPM and joined by accomplished
industry leaders including former Australian prime minister Malcolm Turnbull
and former Alcoa COO Tomas Sigurdsson.
GlassPoint is a pioneering cleantech company with presence in Germany, the
US, UK and Middle East. By harnessing sunshine to produce steam, GlassPoint
helps industry players reduce their carbon emissions at the lowest possible
cost. GlassPoint designed its patent-protected enclosed trough technology
specifically to address the needs of industrial users, especially those
operating in remote and harsh environments. Having been deployed in multiple
projects in California and the Middle East, enclosed trough technology is
currently the only proven solution to decarbonize process heat at scale.
Enclosed trough technology is a solar thermal system design that
encapsulates the system within a greenhouse-like glasshouse.
The 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.
Rod MacGregor, CEO and founder of GlassPoint, explained: "I am delighted to
welcome MIG Capital as a partner and renown investor who shares our vision.
Collaborating with MIG's experienced team of experts will provide
significant momentum for the continued evolution of our business model."
The funding will enable GlassPoint to expand its engineering, commercial and
operations teams, enhancing its ability to lead in technology and meet the
increasing market demands. In particular, the investment will also help the
company to advance its project developing the world's largest solar process
heat plant for mining company Ma'aden in Saudi Arabia.
Dr. Søren Hein, Partner at MIG Capital, expressed enthusiasm about the
partnership: "Our investment in GlassPoint is a strategic step towards
global decarbonization, particularly in industrial heat, a sector that is
crucial yet underaddressed in terms of carbon emissions. GlassPoint's
innovative technology will have a major environmental impact and pave the
way for a cleaner, more sustainable future."
This investment aligns with MIG Capital's dedication to environmental,
social, and governance (ESG) principles, complementing other clean energy
and environment investments in their portfolio. GlassPoint represents MIG
Capital's second new investment in 2024 and is currently the 32nd company in
the venture firm's portfolio.
About GlassPoint
GlassPoint is the leader in decarbonizing the $444B industrial process heat
market. By focusing on reducing emissions associated with the production of
materials essential to the energy transition, GlassPoint is making 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 www.glasspoint.com.
About MIG Capital
MIG Capital is one of the leading German VC investors. Through its MIG
funds, MIG invests in young deep tech and life sciences companies in
German-speaking Europe and beyond. To date, the company has invested over
EUR730 million in more than 50 start-ups. MIG portfolio companies develop
innovations in areas including biopharmaceuticals, energy and environmental
technologies, advanced computing, digitalization / IoT, medical technology
and digital health. The MIG investment portfolio currently consists of 32
companies.
MIG's investment team is made up of a dedicated group of engineers,
scientists, physicians and entrepreneurs who use analytical and creative
processes to assess the risks and opportunities of business models and
technologies. Their reputation, experience and network provide excellent
access to companies, institutions and decision-makers to support the growth
of their portfolio companies.
In recent years, MIG Capital has realized more than ten successful portfolio
company sales, including Siltectra (to Infineon) and Hemovent (to
MicroPort). It has placed several companies on the stock exchange including
BRAIN, NFON, BioNTech and Immatics.
For further information, please visit: www.mig.ag, www.mig-fonds.de.
LinkedIn: MIG Capital
Contact
MIG Capital
Dr. Søren Hein, Partner
+49-89-94382680
info@mig.ag
Media Inquiries
MC Services
Dr. Cora Kaiser, Catherine Featherston, Dr. Johanna Kobler
+49-89-210228-0
migag@mc-services.eu
---------------------------------------------------------------------------
02.07.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
1937193 02.07.2024 CET/CEST
