MTPV Power, a US-based developer of semiconductor technology that can convert heat to electricity, raised $11.2m on Tuesday in a series B-1 round featuring Total Energy Ventures and SABIC.
Total Energy Ventures, the corporate venturing subsidiary of petroleum company Total, and chemical manufacturer SABIC invested alongside investment manager Northwater Capital Management’s Intellectual Property Fund, which led the round, Point Financial, Spinnaker Capital, Ensys Capital, and Clean Energy Venture Group.
MTPV is developing semiconductors chips capable of directly converting heat to electricity, much as a solar cell converts sunlight into energy, and is beginning to scale up its beta programming.
The company raised $10m in the first tranche of its series B round from Applied Ventures, the corporate venturing fund owned by Applied Materials, as well as Northwater, Spinnaker, Ensys, Massachusetts Clean Energy Center and Clean Energy Venture Group in January 2012.
Total Energy Ventures CEO Francois Badoual 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.”