US-based clean energy semiconductor developer MTPV closed its initial series B funding round yesterday at $6.5m, with a view to raising a further $2m in the round. Among the investors was Applied Ventures, the corporate venturing division of US-based semiconductor component manufacturer Applied Materials.
Publicly funded agency The Massachusetts Clean Energy Center and venture capital (VC) firm The Clean Energy Venture Group, as well as existing MTPV investors including VC firms Ensys Capital and IBCC, and investment firm Spinnaker Capital which led the round, made up the series B investors. MTPV’s series A funding was made in installments and comes to $3m since 2008.
Christopher Moran, corporate vice president of Applied Ventures, said: "MTPV represents an intersection between the semiconductor and energy worlds, two large markets that align well with Applied Materials’ core expertise. We are pleased that this investment will be used to support the development of products for making alternative energy and environmental solutions more accessible and affordable."
MTPV, originally spun-out from research performed at American university MIT, creates semiconductor chips which directly convert any heat to electricity, allowing waste heat to be recycled.