GlassPoint Closes $20M Funding Round to Fuel Global Expansion of Solar Industrial Process Heat
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N.I.S. New Investment Solutions leads investment in the leading provider of solar steam
DUBAI, UAE, Jan. 26, 2026 /PRNewswire/ — GlassPoint, the leader in solar industrial process heat, today announced it has closed a $20M funding round led by N.I.S. New Investment Solutions, a Liechtenstein-based asset management firm, with participation from returning investor MIG Capital. The investment will advance existing megaprojects with Searles Valley Minerals in California and Ma’aden in Saudi Arabia, as well as power expansion across the globe with a focus on projects in the U.S. Southwest, Southern Europe, the Middle East and South America.
GlassPoint (PRNewsfoto/GlassPoint)
More energy is used globally in the form of industrial process heat (26%) than all forms of electricity combined (20%), according to the International Energy Agency. Unlike electricity, industrial process heat is notoriously difficult to decarbonize, primarily due to the low cost of burning fossil fuels to generate heat.
More than 50% of industry is located in regions sunny enough to benefit from GlassPoint technology. In those locations, GlassPoint’s technology delivers superior economics for industrial process heat compared to burning fossil fuels or electrification.
“In many parts of the world, solar energy is now the lowest cost source of industrial power, creating an opportunity to simultaneously reduce operating costs and emissions,” said Takashi Sato, Founder of N.I.S. “GlassPoint is a proven solution for this moment and has already won the confidence of some of the most discerning industrial organizations in the world, from oil and gas leaders to mining titans.”
“GlassPoint provides industry leaders with a proven solution to deliver industrial process heat at the lowest cost,” said Rod MacGregor, Chief Executive Officer at GlassPoint. “With this latest round of financing, we will expand into several new global markets where GlassPoint’s technology delivers compelling value. We look forward to helping leaders across mining, oil & gas, and building materials achieve a significant cost advantage against their competitors.”
The funding comes on the heels of GlassPoint’s partnership with Searles Valley Minerals to deploy 750 MWth of GlassPoint’s advanced solar technology to reduce costs while beginning to decommission the last two coal-fired plants in California. The company continues to advance its flagship 1.5 GWth project with Ma’aden to decarbonize a bauxite refinery in Saudi Arabia and help the Kingdom meet aggressive sustainability goals. Additionally, GlassPoint’s 330 MWth deployment in Oman has been providing steam on a daily basis since 2017.
GlassPoint’s unmatched ability to deploy at scale is based on multiple industry-first technologies.
GlassPoint’s Enclosed Trough is the lowest-cost way to convert sunlight into industrial heat, delivering nearly 70% of the energy available in sunlight directly to the customer.
GlassPoint’s Unify Storage System stores solar heat during the day and releases it at night, enabling an uninterrupted supply of clean thermal energy whenever it is needed.
With the new funding, GlassPoint is expanding its Technology Center in Stuttgart, Germany, with leading technologists and engineers. The company is also hiring business development, engineering, and finance talent in Dubai and the United States.
About GlassPoint GlassPoint is the leader in solar industrial process heat, with its technology powering 60% of the world’s solar industrial steam capacity. With the only solar industrial process heat solution proven at scale, GlassPoint delivers superior unit economics compared to fossil fuels and electrification. GlassPoint is helping industrial organizations significantly lower costs while delivering a reliable source of carbon-free steam. 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, oil and gas, desalination and more. Learn more at 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 €770 million in approx. 60 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 more than 30 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.
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