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Glasspoint is a Shell-funded solar enhanced-oil-recovery startup in Oman

Oman liquidates cutting edge EOR technology during oil price slump

Oman’s decision to liquidate GlassPoint Solar company comes after the sharp fall in oil and gas prices caused by the global economic slowdown in the wake of the coronavirus pandemic, Oman news agency said, citing a statement from State General Reserve Fund.

Oman owns 31% of shares in GlassPoint Solar.

Source: Reuters

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One comment

  1. The company was forced to abandon its glasshouse technology in 2018 because it proved uncompetitive. It a then had to go back to scratch pursuing an experimental stretch-film design, but investors had enough by then.

    It was insolvent for 1.5 years and surviving on emergency loans from its parents. So you can’t blame the crisis, just a technology which didn’t work out well before the crisis.

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