Muscat, January 14th 2015

GlassPoint Solar, the leader in solar enhanced oil recovery (EOR), was recently selected as a finalist for the Secretary of State's prestigious 2014 Award for Corporate Excellence (ACE). GlassPoint was among nine global U.S. businesses recognized for their contribution to the overall growth and sustainable development of the local economies in which they operate.

U.S. Ambassador to Oman, Greta C. Holtz, praised GlassPoint's contributions to the local economy, including its plans for hiring Omanis and manufacturing many of its materials in Oman, and GlassPoint's demonstrated ability to liberate valuable gas resources currently used in the country's oil fields by harnessing solar energy. In addition, Ambassador Holtz said, "GlassPoint's growth in Oman demonstrates the value of a Free Trade Agreement in boosting mutually-beneficial partnerships in science and technology, innovation, and business solutions between our two countries."

There is a critical shortage of natural gas in Oman as power generation, oil recovery and industrial projects compete for its limited resources. Gas used for oil production already accounts for nearly a quarter of Oman's total gas use and continues to rise.

Rod MacGregor, CEO and President of GlassPoint Solar, expressed, "It is truly a privilege to be honored by Ambassador Holtz and the State Department for making a positive contribution in Oman and we look forward to building on this success. It is now proven that Oman can use its abundant sunshine to help produce its heavy oil, releasing gas for higher value applications. Wide-scale deployment of GlassPoint's solar steam technology could reduce EOR gas use by up to 80 per cent. Having this gas to sustain the country's LNG exports or to fuel new industries will have significant and lasting impacts on Oman's economy."

GlassPoint partnered with Petroleum Development Oman (PDO) to build the Middle East's first solar EOR project. The pilot system has been operating successfully since late 2012, exceeding all performance targets. The project was completed safely on time and on budget, and is serving as an operational baseline for large-scale projects.

Last year, the State General Reserve Fund (SGRF), Oman's largest sovereign wealth fund, invested in GlassPoint alongside Royal Dutch Shell to accelerate deployment of solar EOR in the Sultanate and throughout the region.

The Secretary of State's Award for Corporate Excellence (ACE), established in 1999, recognizes U.S. businesses for outstanding corporate citizenship, innovation and international business practices. Companies are selected through a senior-level interagency review of nominations from U.S. Ambassadors worldwide. GlassPoint was the only finalist selected for its work in the Middle East region.

-Ends-

About GlassPoint Solar
GlassPoint is the leading provider of solar steam generators to the oil and gas industry for applications such as Enhanced Oil Recovery (EOR). Oil operators worldwide deploy EOR to boost well productivity by up to 300 percent. By replacing gas-fired steam generation with solar, GlassPoint can reduce EOR gas consumption by up to 80 percent. The gas saved can be redirected to higher value uses such as LNG export, industrial development and power generation. GlassPoint's projects operate in global markets ranging from the Middle East to California. For more information, visit GlassPoint.com

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TRACCS Public Relations
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Email: shaza.taher@traccs.net

© Press Release 2015