O-Flexx Technologies, a Germany-based thermoelectrics technology developer, has been acquired by automotive parts manufacturer Mahle.
The transaction provided an exit to Emerald Technology Ventures, a cleantech-focused VC firm that counts Mahle among its limited partners. Financial terms of the acquisition have not been disclosed.
Founded in 2006, O-Flexx produces thermoelectric elements that efficiently convert heat into electrical energy. The technology can be used, for example, to warm the cabin of cars – both electric vehicles and combustion engine cars.
NRW Bank, through its investment arm Corporate Finance, provided an undisclosed amount to O-Flexx in 2013. Investment firm Sam injected capital in 2009, while Emerald Technology Ventures invested in 2007.
Wolf-Henning Scheider, chairman of Mahle’s management board and chief executive, said: “With O-Flexx, Mahle is stepping up its operations to include thermoelectric technology and is thus laying the foundation for innovative heating and cooling management in every vehicle class.”
– A version of this article first appeared on our sister site, Global Government Venturing.