MTPV Power Corporation, a US-based heat-to-energy technology provider, has received $16m in a series C round featuring subsidiaries of petrochemical producer Sabic and oil and gas supplier Total.
Venture capital firm Lake Bridge Capital led the round, which included unnamed existing shareholders, while the corporates participated through subsidiaries Sabic Ventures and Total Energy Ventures.
MTPV’s technology uses semiconductor chips to convert waste heat to energy, and it plans to introduce a power platform called EBlade that has been tailored for use in industrial environments.
Sabic and Total Energy Ventures had both contributed to the company’s $21.2m series B round, which closed in 2014 and which also included Applied Ventures, the corporate venturing vehicle for semiconductor producer Applied Materials.
Northwater Capital Management’s Intellectual Property Fund, Point Financial, Spinnaker Capital, Ensys Capital, Clean Energy Venture Group and Massachusetts Clean Energy Center also backed the series B round.
The company had previously raised $7m in equity financing and $1.1m in debt between 2008 and 2011, according to regulatory filings.
