Shell Backs GlassPoint Solar Oil Recover Technology
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GlassPoint Solar Inc., which is building the first plant in the Middle East that will tap heat from the sun to coax heavy crude oil out of aging fields, obtained funding from a group including Royal Dutch Shell Plc.
California-based GlassPoint said Shell and RockPort Capital and others invested $26 million, allowing it to expand operations in Kuwait, Bahrain, and Oman. The three countries have sizable heavy crude deposits that require energy and technology to lift from the ground, said GlassPoint’s Chief Executive Officer Rod Macgregor.