CHRYSALIX EVC FUND: CELP III
PORTFOLIO MANAGER: CHARLIE HAYTHORNTHWAITE
LOCATION: FREMONT, CALIFORNIA
The challenge, cost, and environmental impact oilfield operators face related to drawing more proven reserves from their oil wells.
An innovative solar steam-based Enhanced Oil Recovery (EOR) system that increases proven reserves, is cheaper than burning natural gas, and makes the most efficient use of land.
The greatest driver of system cost for concentrating solar power (CSP) is the solar field itself. Equally important, there are great barriers for new CSP companies to enter the electric power market – demonstrating bankable technology at scale, finance, land permitting and transmission.
We invested in GlassPoint because its technology offered breakthrough low cost for the solar field. We believe the low cost can enable the company to unlock the large industrial heat market where conventional CSP has struggled to reach the price points required. Moreover, the traditional market barriers CSP companies face when addressing electric power are not nearly as strong for industrial heat.
GlassPoint has a unique solution for a CSP solar field with significant advantages over alternative approaches:
GlassPoint is aiming to be the first company to produce solar heat at less than $3/MMBtu – lower than the cost of burning natural gas. The heat energy does not suffer the volatility of fuel prices and is emission free. GlassPoint is initially targeting the oil industry and thermal enhanced oil recovery (EOR) applications. Not only could the solar EOR greatly reduce the industry’s OPEX and carbon emissions, the technology also promises to increase the fraction of economically recoverable oil.