Mitsui Ventures – the investment wing of the centuries-old Tokyo conglomerate – has led a $14m extended Series C round of funding for GMZ Energy, a US-based company which converts waste heat to electricity.
Support was provided by: UK-based BP Alternative Energy, Energy Technology Ventures (comprising energy firms GE, NRG Energy and ConocoPhillips) as well as venture firms 12BF Global Ventures and Kleiner Perkins Caufield & Byers.
GMZ, which was founded in 2009, will use the funding to expand its engineering and ability to sell its products. In April GMZ raised an initial $7m as part of the current C round, according to a Securities and Exchange Commission filing.
In June 2011 GMZ was one of 15 home energy companies which received $63m from US-listed General Electric in the second round of its clean-tech investment competition.