GMZ Energy, a thermoelectric company that has developed ways to turn lost heat into electricity, has announced $14 million in Series C funding. The new investment was led by Mitsui Ventures and includes I2BF Global Ventures, Energy Technology Ventures (a joint venture of GE, NRG Energy and ConocoPhillips), Kleiner Perkins Caufield & Byers and BP Alternative Energy.
GMZ Energy was founded in 2007 to commercialize thermoelectric materials and devices that make significant energy savings. The company has said the new funding will go toward expanding its capabilities to be applied to new renewable technologies. GMZ uses heat sources like the sun or wasted heat sources like car exhaust and turns them into valuable energy. When applied to existing products, the technology can also make them more energy efficient.
The company said it is working on a product that will integrate its thermoelectric material directly into solar hot water collectors, allowing for the production of electricity in addition to heat and water. The product is expected to launch next year and will increase each solar water system’s value with minimal cost to customers, the company said. The company is also looking into heat recovery applications for the automotive and industrial industries.
“GMZ Energy has developed one of the most efficient and low-cost materials to generate electricity from heat with numerous applications – from electricity-generating solar water heaters to technology that increases automobile-fuel efficiency,” Kevin Skillern of GE Energy Financial Services and Energy Technology Ventures said in a statement.