Swiss power trading companies have seeded a clean-tech spin-off from the country’s Federal Institute of Technology (ETH).
Swisselectric, which represents the country’s main electricity grid companies, invested an undisclosed amount in GreenTeg’s seed round that should last it two years. Last year, Swisselectric had given Wulf Glatz, chief executive of GreenTeg, an award for its research (pictured).
Zurich-based GreenTeg is developing power converters for multiple applications in waste heat recovery, power supply of autonomous systems and temperature controlling and expects its first product next year.
Other investors are Zürcher Kantonalbank (ZKB), the Aargauische Kantonalbank (AKB) and the Berner Partners (BPAG), Gebert Rüf Foundation, Volkswirtschaft-Stiftung and the Commission for Technology.