• Cox becomes an technological partner of the American company GlassPoint, a leader in the use of concentrated solar thermal technology to produce steam for industrial processes.

• The first joint project they are advancing is the first phase of Ma’aden I (Saudi Arabia), which will be the largest industrial solar thermal facility in the world, representing. In this first phase, Glasspoint and MISA will invest approximately 30 million euros, while the total project value will amount to 1.5 billion euros.

• The agreement also makes Cox the technological partner for nearly 50 solar thermal industrial projects that GlassPoint has in its global pipeline, primarily in the United States and the Middle East.

• This global alliance allows Cox to incorporate a unique technology into its portfolio aimed at addressing the decarbonization of large industries, in addition to approximately 10 billion euros in its services pipeline.

Madrid, November 26, 2024. Cox, a Spanish multinational listed on the Continuous Market and offering innovative water and energy solutions, has signed a collaboration agreement becoming a technological partner of GlassPoint in the GlassPoint Ma’aden Technology Showcase (GMTS) project, developed in collaboration with the Saudi Ministry of Investments, marking the first phase of what will be the largest solar thermal project in the world. In this first phase, Glasspoint and  MISA will invest approximately 30 million euros, while the total project value will amount to 1.5 billion euros.

GlassPoint is a leading company in the production of steam from solar energy for the decarbonization of industrial processes and, since its inception in 2009, has remained at the forefront of the energy transition by helping industrial clients around the world to decarbonize their operations.

The GMTS is the first phase of what will be the world’s largest industrial solar thermal project, Ma’aden I, which will combine direct solar-thermal generation technology with advanced thermal storage to accelerate the decarbonization of Ma’aden’s aluminum supply chain, capable of generating 1,500 MWth for consumption in the manufacturing process.

The agreement with GlassPoint includes Cox’s incorporation as a strategic technologicalpartner in nearly 50 solar thermal industrial projects that GlassPoint has in its pipeline, which will be a shared portfolio between both companies. This provides Cox with approximately 10 billion additional euros in its services pipeline.

Thanks to the agreement Cox is signing with GlassPoint, the company includes a unique technology in the market in its portfolio, reinforcing its technological differentiation strategy, as well as its positioning and leadership in terms of innovation.

The GTMS project will feature several advanced technological developments from GlassPoint that enable industrial facilities to decarbonize heat by up to 70% while simultaneously offering cost parity with traditional gas-fired steam systems. It will provide 1% of the steam required by Ma’aden’s bauxite refinery in Ras Al Khair; when fully completed, this percentage will increase to 65% and contribute to reducing carbon emissions by 600,000 tons per year, equivalent to removing nearly 130,000 cars from the road.

Enrique Riquelme, Executive Chairman of Cox, stated: “We are seeing a growing demand for emission-free heat worldwide as industrial facilities seek to meet decarbonization targets profitably. GlassPoint stands out for offering the only proven, scalable solution to reduce carbon emissions while being cost-effective. We look forward to working with them on this groundbreaking project, alongside the Saudi Ministry of Investments, as well as many more within our shared portfolio.”

Rod MacGregor, CEO of GlassPoint, declared: “We are proud to partner with the Kingdom of Saudi Arabia and with Cox to develop not only the largest industrial thermal project in history but also our pioneering technology in a solar thermal production facility. Decarbonizing industrial heat is essential for manufacturing low-carbon materials and meeting net-zero commitments, representing a $444 billion worldwide market (about 418 billion euros). Together with the Saudi Ministry of Investments and Ma’aden, we are on track to scale our solution to meet the highest efficiency standards.”

About GlassPoint

GlassPoint is the leader in the decarbonization of the industrial process heat market valued at 418 billion euros. The company builds, owns, and operates large-scale solar steam facilities to reduce carbon emissions in hard-to-decarbonize industries such as mining and metals, chemicals, construction materials, desalination, and more. GlassPoint is the only proven scalable solution to reduce carbon emissions from industrial process heat and has built more than half of the world’s industrial solar steam capacity. More information at glasspoint.com