MTPV Power Corporation Raises $11.2M in a Series B1 Financing.
MTPV Power Corporation, a clean energy company that converts heat to electricity using semiconductor chips, announced today that it raised $11.2 million in a Series B1 financing. The financing, which was led by Northwater Capital Management’s Intellectual Property Fund., included an investment from Total Energy Ventures, the venture capital arm of Total , one of the world’s largest oil and gas companies, headquartered in Paris, France; SABIC, the Saudi Basic Industries Corporation, one of the world’s leading manufacturers of chemicals, plastics and metals, headquartered in the Kingdom of Saudi Arabia; and Point Financial, LLC, a venture debt provider based in Phoenix, Arizona.
The financing also included new independent investors and follow-on investments from Spinnaker Capital, Ensys Capital, the Clean Energy Venture Group and several other existing shareholders.
Francois Badoual, CEO of Total Energy Ventures said, “We have the ambition to continuously improve our operations and promote a better use of energy. MTPV is developing disruptive additions to the currently available waste heat recovery solutions which could significantly contribute to energy efficiency and cost reduction efforts of the industry in mid term future.
MTPV creates semiconductor chips that convert heat directly into electricity. Similar to a solar panel that converts sunlight into electricity, MTPV chips are able to convert any source of heat into electricity with breakthrough efficiency and power.
“We quickly saw how using MTPV products could provide us with a competitive advantage in many of our industrial processes,” said Andrew Kodis, Strategic Growth Director for SABIC. “We look forward to partnering further with MTPV, to assist in developing the many market opportunities for their devices.”
MTPV continues to broaden its network of strategic partners, investors and customers as it begins to scale its beta testing program.“Total and SABIC bring significant experience and industry knowledge to MTPV. We will benefit greatly from their expertise and market presence, as well as those of our existing strategic investors, such as Applied Ventures, as we begin to commercialize our technology,” said David Mather, MTPV’s President and Chief Executive Officer. “We are very fortunate to have such a strong group of investors and partners that represent the views from the stockholders, customers, supply chain partners and industry,” said Bob DiMatteo, MTPV’s Chairman, Founder and Chief Executive Officer.