An Omani sovereign wealth fund and other investors are injecting $53 million into GlassPoint Solar, a California-based company which makes solar steam generators used to boost the productivity of oil wells.
Oman is an oil exporter but lacks the ample reserves of its Gulf neighbours, so it is eager to get more from its oilfields by pumping high-pressure steam into ageing wells.
At the same time, its ambitious industrial development plans promise to siphon off supplies of natural gas that would traditionally be used to generate the steam. It therefore plans to use solar power to produce steam.
Oman's State General Reserve Fund (SGRF), Royal Dutch Shell and existing investors in GlassPoint will inject the MONEY, which will be used to accelerate the deployment of solar steam generators, the U.S. company said in a statement.
An Omani sovereign wealth fund and other investors are injecting $53 million into GlassPoint Solar, a California-based company which makes solar steam generators used to boost the productivity of oil wells.
Oman is an oil exporter but lacks the ample reserves of its Gulf neighbours, so it is eager to get more from its oilfields by pumping high-pressure steam into ageing wells.
At the same time, its ambitious industrial development plans promise to siphon off supplies of natural gas that would traditionally be used to generate the steam. It therefore plans to use solar power to produce steam.
Oman's State General Reserve Fund (SGRF), Royal Dutch Shell and existing investors in GlassPoint will inject the MONEY, which will be used to accelerate the deployment of solar steam generators, the U.S. company said in a statement.
No comments:
Post a Comment