MTPV Power Corporation, a Austin, TX – Boston, MA-based clean energy company that converts heat to electricity using semiconductor chips, raised $11.2m in a Series B1 financing.
The round was led by Northwater Capital Management‘s Intellectual Property Fund, with participation from Total Energy Ventures, SABIC, Point Financial, LLC, a venture debt provider based in Phoenix, Arizona, Spinnaker Capital, Ensys Capital, the Clean Energy Venture Group and several other existing shareholders.
The company intends to use the funds to begin to commercialize its technology.
Led by Bob DiMatteo and and David Mather, MTPV Power Corporation is a clean energy semiconductor chip company that creates chips to convert any source of heat into electricity. The technology has been developed over the past 15 years beginning at MIT and Draper Laboratory and for the last 5 years in the labs of MTPV Corporation. The company’s patent portfolio has 5 awarded patents, 9 pending award and over 48 foreign patents filed.