The failure of glasspoint
Why did the Glasspoint Solar company filed for liquidation after spending 600 million dollars?
The case: Glasspoint Solar The idea was to take advantage of the coexistence of heavy oil beneath the ground and the bright sunshine above it. Instead, GlassPoint Solar has become another casualty of the upstream industry’s most recent price crash.
The Omani government—GlassPoint’s largest investor—issued a statement on Sunday (17 May) confirming that it liquidated its 31% stake in the company. The move effectively shuttered the Silicon Valley company that has received an estimated $130 million in funding since it was founded in 2008.
“The liquidation decision of GlassPoint Solar comes after the steep fall in oil and gas prices caused by the global economic slowdown in the wake of the coronavirus pandemic and its negative impact on business across the globe, especially on hydrocarbon producers, travel, and hospitality businesses,” read a statement issued by the Omani Ministry of Finance which oversees the state’s strategic investment portfolio. The statement added that some of the current investors have expressed interest in purchasing GlassPoint’s intellectual property.
Practice writing the business plan for the company in 2008