LONDON – Thermoelectric cooling and energy harvest company Micropelt GmbH (Freiburg, Germany) has raised 6.5 million euro (about $8.5 million) to drive global expansion.
In June 2011 the company opened a thin-film thermoelectric production facility in Halle, Germany, and since then the company has been striving to garner orders, increase production volumes and reduce unit costs. Micropelt was founded in 2006.
The recent funds include a 5 million euro investment by Ludgate Environmental Fund, a 1 million euro investment from Mitsubishi UFJ Capital 500,000 euro from the existing shareholders.
Micropelt's energy harvesting technology is based on the Peltier effect and early applications include radiator valve status monitoring and control, industrial automation and remote monitors that assess the condition of technical equipment.
"Eliminating the disposal and maintenance of batteries is important and the Micropelt solution has application across a wide number of industrial sectors," said Bill Weil, chief investment officer at Ludgate Investments Ltd., in a statement issued by Micropelt.
As part of the company's global expansion and commercialization of its technology, Micropelt recently agreed distribution relationships with Arrow in Europe, Tokyo Electronic Device and Hitachi High-Tech Materials Corporation in Japan.
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