2018 is off to a very strong start for many of our portfolio companies, including GlassPoint and MineSense, who have both made significant announcements this quarter.
GlassPoint announced that in partnership with PDO, the company has inaugurated its Miraah solar field with four blocks completed safely, on time and on budget with steam production integrated with the Amal oilfield. Click here to read the news release.
The significance of this announcement includes proof that renewable and conventional energy industries can be united safely and profitably. GlassPoint has developed a simple yet innovative solution that allows oil producers like PDO to develop their heavy oil, while at the same time reducing energy consumption and costs.
The four blocks that have been completed at Miraah have a total capacity of over 100 MWt and will deliver 660 tonnes of steam per day, providing significant gas savings. Eight additional blocks are expected to be completed in early 2019.
In addition to this milestone news from GlassPoint, our portfolio company MineSense recently announced it has secured a US$4 Million investment from Mitsubishi Corporation. Mitsubishi has an interest in digitalizing the mining industry and this investment will help accelerate the development of MineSense’s digital offering and expansion into key regions worldwide. Click here to read the news release.
This year is already proving to be very significant for many of our portfolio companies and we look forward to sharing additional announcements with you.