Yvette Go, investment manager at SET, said: "O-Flexx's proprietary thermo-electric solution is absolutely unique. What makes the technology significant is that it opens up markets where electricity generation from waste heat was never feasible before."
O-Flexx Technologies, a Germany-based provider of parts to allow waste heat to be used, has raised €6.7m ($9.5m) in its extended series A round from a consortium including Netherlands-based SET Venture Partners, an independent firm with local utility Delta as a limited partner.
The other investors in the round were Atmos, BankInvest, Emerald Technology Ventures, Partech International, SAM and Schneider Electric Ventures, the corporate venturing unit of France-based industrial group Schneider merged to form Aster Capital.
Founded in 2006 with backing from Partech, O-Flexx subsequently raised undisclosed amounts in May 2007 and June 2009.
Michael Stuer Lauridsen, partner at BankInvest New Energy Solutions and chairman of O-Flexx Technologies, said: "The investment will be used to run a manufacturing plant and for commercial introduction."
Yvette Go, investment manager at SET, said: "O-Flexx’s proprietary thermo-electric solution is absolutely unique. What makes the technology significant is that it opens up markets where electricity generation from waste heat was never feasible before."
