The corporate venturing unit of Ireland-based utility ESB, has led the latest £5m ($7.8m) funding round raised by Heliex Power, which generates electrical power using waste steam from industrial processes.

ESB NovusModus was joined in the round by UK-based oil major BP’s corporate venturing unit, BP Ventures.

Bertrand Gautier, a partner of Novusmodus, said: “Heliex has developed a unique value proposition with the opportunity to shape a new sector in energy recovery. The technological expertise of the management, its product development experience, and strong patents give it enviable positioning and an enormous addressable global market. We look forward to supporting the team over the coming years as they transform this proven technology into a dominant product.”

BP has a video about Heliex’s technology on its website. BP invested in the company in 2010. The business was set up in 2009.

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