Micropelt raises 6.5 million euros for market launch and expansion
May 04, 2012 // Julien Happich
Micropelt has raised 6.5 million euros for the roll-out and global expansion of its thin-film thermoelectric energy harvesting technology.
The fresh liquidity include a 5 million euros investment by Ludgate Environmental Fund (LEF), a 1 million euro by the Fund of Mitsubishi UFJ Capital (MUCAP ) and 0.5 million euro by the existing shareholders IBG / Goodvent, KfW, L-Bank and SHS.
Micropelt's thermal micro energy harvesting technology, which uses waste heat to create electricity, will be rolled out to high-growth cleantech markets in Europe, Japan and globally. The microchip-sized device displaces batteries in automated equipment and has multiple domestic and industrial applications. Examples of initial applications for the device include in radiator valves, industrial automation and remote monitors that assess the condition of technical equipment.
Micropelt opened the thin-film thermoelectric production facility, a world’s first, in June 2011 in Halle, Germany. Since then the company has been focused on increasing production volumes and reducing per unit cost. Fritz Volkert, CEO of Micropelt, said: 'This investment provides Micropelt with a strong boost to our production capacity and the ability to drive the commercialisation of our technology. We are delighted that Ludgate Environmental Fund has spearheaded, this very important funding round, participating alongside MUCAP.’
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