Alphabet Energy, a Hayward, CA-based developer of thermoelectrics for waste heat to power, closed a $23.5m Series C round of financing.
The round was led by Schlumberger with participation from GM Ventures and Osceola Capital Management and existing investors TPG, Claremont Creek Ventures and the California Clean Energy Angel Fund.
The company intends to use the funds to scale production for the oil and gas and automotive industries.
Led by Matt Scullin, CEO, Alphabet Energy leverages proprietary PowerBlocks™ thermoelectric material that turns waste heat from exhaust into electricity serving as the technology platform for its line of waste heat recovery products. Customers in energy-intensive industries from oil and gas, mining, manufacturing, transportation, to defense use the company’s products – derived by nanotechnology research from Lawrence Berkeley National Laboratory and Michigan State University with over 60 patents issued and filed – to generate remote power while reducing fuel consumption, operating costs and carbon emissions.
Alphabet Energy also has a sales and support office in Houston.