RedWave Energy, a Chicago, IL-based energy harvesting startup, completed a $5.5m funding round.
The round – which unlocked a $3.8m DOE ARPA-E grant – was led by Energy Foundry with participation from Northwater Capital, EnerTech Holding Company (A subsidiary of the sovereign wealth fund of Kuwait) and Prime Coalition.
Led by Jim Nelson, CEO and Pat Brady, CTO, RedWave provides a nanoscale film that converts unused waste heat into electricity. The nanoantenna based technology is specifically designed to harvest low quality waste heat below 250°c that represents the most abundant source in an underserved market generated by many industrial uses ranging from glass manufacturing to electric power generation plants.
Strategic end user and partner interest has been expressed in electric generation, flat glass manufacturing, glass container manufacturing, integrated circuit manufacturing and others.
The technology is built from exclusively licensed and patent protected IP from Idaho National Labs, University of Colorado and a premier roll to roll manufacturing firm MicroContinuum.