Micropelt Raises €6.5M
Micropelt, a Freiburg, Germany-based developer of thermal micro energy harvesting technology, has raised €6.5m in funding.
- Ludgate Environmental Fund (LEF), which made a €5m investment;
- Fund of Mitsubishi UFJ Capital (MUCAP), which invested €1m;
- existing shareholders including IBG/Goodvent, KfW, L-Bank and SHS, which made an investment totaling €0.5m.
The company intends to use the funding for the roll-out and global expansion of its thin-film thermoelectric energy harvesting technology.
Led by CEO Fritz Volkert, Micropelt, has devleoped thermal micro energy harvesting technology, which uses waste heat to create electricity. The microchip-sized device displaces batteries in automated equipment and has multiple domestic and industrial applications. Examples of initial applications include in radiator valves, industrial automation and remote monitors that assess the condition of technical equipment.
The company, which opened its thin-film thermoelectric production facility, in June 2011 in Halle, employs 23 staff.
It recently agreed distribution relationships with Arrow in Europe, Tokyo Electronic Device and Hitachi High-Tech Materials Corporation in Japan.