Lake Bridge Capital leads round with Total and SABIC among investors.
AUSTIN, TX and BOSTON, MA October 02, 2018.
MTPV Power Corporation (https://www.mtpv.com/), a clean energy company that converts heat to electricity using semiconductor chips, announced today that it raised $16 million in a Series C financing. The financing was led by Lake Bridge Capital, an early stage investor in transformational companies with unique and proprietary technologies. Included in the round were follow-on investments from Total Energy Ventures, the venture capital arm of Total, one of the world’s largest oil and gas companies, headquartered in Paris, France; SABIC Ventures, the venture capital arm of SABIC, one of the world’s largest petrochemical companies, headquartered in the Kingdom of Saudi Arabia, and several other existing shareholders.
MTPV, who recently received Frost & Sullivan’s Global Technology Leadership Award for waste heat recovery solutions, creates semiconductor chips that convert heat directly into electricity. Similar to a solar panel that converts sunlight into electricity, MTPV chips are able to convert any source of heat into electricity with breakthrough efficiency and power.
We are excited to support MTPV,” said Frank Egan, Managing Director of Lake Bridge Capital. “In addition to creating clean energy for its customers, MTPV will directly improve their bottom line by converting their waste heat to cost effective energy.
“We are delighted to have such a strong group of investors representing the views of not just stockholders, but of customers, supply chain partners and industry,” said David Mather, President and CEO of MTPV Power Corporation. “The strategic insight provided by our investors is a key to the future success of MTPV.”
About MTPV Power Corporation (http://www.mtpv.com)
MTPV is a clean energy semiconductor company using its breakthrough technology to harness the world’s heat and convert it to electricity. For more information, visit http://www.mtpv.com and connect with MTPV on LinkedIn, Facebook and Twitter.