The waste heat-to-energy technology developer has raised $23.5m in a series C round led by Schlumberger and backed by GM Ventures.
US-based waste heat-to-power technology developer Alphabet Energy completed a $23.5m series C round on Wednesday led by oilfield equipment provider Schlumberger.
GM Ventures, the corporate venturing subsidiary of carmaker General Motors, also took part in the round, as did Osceola Capital Management, TPG, Claremont Creek Ventures and California Clean Energy Angel Fund.
Alphabet Energy uses nanotechnology-equipped thermoelectric material to convert exhaust waste heat to electricity.
The company’s technology, which is based on research conducted at Lawrence Berkeley National Laboratory and Michigan State University, is used to generate remote power by businesses in the oil and gas, mining, manufacturing and transportation industries.
The funding will go to expanding manufacturing capacity for the oil and gas and automotive industries, both of which are mandated to cut carbon emissions. The company’s newest product, the PGC, enables gas flares or combustors to become power generators.
Alphabet Energy has now raised approximately $54m in total debt and equity, $16m of which came from a 2013 series B round led by oil and gas producer Encana that included existing investors Claremont Creek Ventures, TPG Biotech and CalCEF Clean Energy Angel Fund.
– Photo courtesy of Alphabet Energy, Inc.
