MTPV raises USD 11m from latest funding round

Jul 15, 2014 - US clean energy semiconductor chip firm MTPV Power Corp said today it had closed a USD-11.2-million (EUR 8.2m) series B1 financing round led by Northwater Capital Management’s Intellectual Property Fund.

The company develops semiconductor chips that can convert waste heat directly into electricity similar to the way solar panels work. It is now starting to scale its beta testing programme.

Other companies that took part in the funding initiative include the venture capital unit of French oil and gas giant Total SA (EPA:FP), Saudi Basic Industries Corp (SABIC) and US firm Point Financial LLC, among other new and existing investors.

Commenting on Total Energy Ventures' latest investment, CEO Francois Badoual said he expects MTPV's products to help contribute to energy efficiency and cost reductions within the sector in the mid-term.

(USD 1.0 = EUR 0.734)

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