GMZ Energy, a Waltham, Mass.-based producer of thermoelectric materials and systems, raised $14m in Series C financing.
The round was led by Mitsui Ventures, with participation from I2BF Global Ventures, Energy Technology Ventures, Kleiner Perkins Caufield & Byers and BP Alternative Energy.
GMZ intends to use the new funding to expand its engineering and commercialization capabilities as the company moves into production of a new class of renewable technologies.
Founded in 2007 and led by CEO Aaron Bent, GMZ Energy specializes in direct heat-to-electricity conversion, applying an advanced nanotechnology process to produce high-performance and economically viable thermoelectric material.
The company is currently developing its first product for the residential, commercial and industrial solar thermal water market. Expected to launch next year, the product would integrate its thermoelectric material directly into conventional solar hot water collectors, enabling the production of electricity in addition to heat and hot water. GMZ Energy is also pursuing waste heat recovery applications for the automotive and industrial process markets.
FinSMEs
21/12/2011