Tri-O-Gen, a Netherlands-based developer of renewable energy, has raised €4.5m ($5.8m) from the corporate venturing division of European utility Vattenfall in its first round of institutional funding.
Yellow&Blue Investment Management, an independent venture capital firm founded in 2008 by Dutch energy company Nuon, part of Vattenfall, led the round along with substantial investment from Tri-O-Gen’s management and founders.
Founded in 2001 by Jos van Buijtenen, professor in gas turbine technology at the Delft University of Technology, Tri-O-Gen’s organic rankine cycle (ORC) generators convert waste heat from industrial processes into electricity.
Dutch industrial conglomerate Aan de Stegge Bouw & Werktuigbouw has also supported its development.
Albert Fischer, managing director of Yellow&Blue, said: "Combining turbine, high speed generator and pump on one shaft is unique to the Tri-O-Gen ORC. The professor and his brother have spent nine years making the technology work and Yellow&Blue can help them commercialise it."
