GMZ Energy
Secures $14 Million in Series C Funding to Produce New Class of Renewable
Technologies; Closes Oversubscribed Financing Round
GMZ’s Drive to Commercialize Direct
Heat-to-Electricity Conversion Backed by Mitsui Ventures, I2BF Global Ventures,
GE-NRG Energy-ConocoPhillips’ Venture, Kleiner
Perkins Caufield & Byers and BP Alternative
Energy
WALTHAM,
Mass. – December 21, 2011– GMZ Energy, a leader in thermoelectric
materials and systems and a GE ecomagination Challenge
winner, today announced it secured $14 million in Series C financing. 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. With the new funding, GMZ will expand
its engineering and go-to-market capabilities as the company moves into
production of a new class of renewable technologies.
GMZ specializes in direct heat-to-electricity
conversion, applying an advanced nanotechnology process to produce
high-performance and economically viable thermoelectric material. The GMZ
material unlocks the potential of primary heat sources like the sun, or waste
heat sources like car exhaust, by turning it into valuable energy. When applied
in common uses, from automotive to residential and industrial power, the GMZ
material makes existing and new products more useful and energy-efficient.
“Thermoelectric
materials have typically been used for niche heating and cooling applications, but
we have developed a way to enhance the material’s performance to enable more
applications,” said Aaron Bent, CEO of GMZ Energy. “This investment will allow
us to commercialize this breakthrough and expand our product line more quickly
and efficiently.”
Since 2009, GMZ has intensified its focus on increasing
the productivity and performance levels of thermoelectric material, and
adapting different market-based applications for turning otherwise lost heat
into electricity. The potential impact was recognized
this year when GMZ was named a winner in the GE ecomagination
Challenge,
earning an investment from GE in a program created to accelerate the deployment
of innovative technologies through open collaboration and financial support.
“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,” said Kevin Skillern of
GE Energy Financial Services and Energy Technology Ventures, a GE-NRG
Energy-ConocoPhillips joint venture.
GMZ
Energy is developing its first product for the $8 billion residential,
commercial and industrial solar thermal water market. Expected to launch next
year, the product would integrate its thermoelectric material directly into
conventional solar hot water collectors, enabling the production of electricity
in addition to heat and hot water. This increases each solar water system’s value
with minimal cost and accelerates the payback to customers. GMZ Energy also is pursuing
waste heat recovery applications for the automotive and industrial process
markets.
“Mitsui’s
investment in GMZ Energy aligns with our investment strategy of supporting
developers of promising technologies with high market potential,” says Takahide Koda, Principal of
Mitsui Ventures. “GMZ Energy’s unique and innovative nanotechnology process
makes it a very attractive investment.”
I2BF
Global Ventures, an international clean technology asset management group mirrored
this sentiment. “Through this financing round, we expect GMZ to leverage its
material breakthroughs and near-term path to market to cement its leadership
position in the space,” said David Waserstein,
Partner and Director of Investments at I2BF. “We are delighted to join the GMZ
team, which we believe has both the best thermoelectric technology as well as
the strongest investment syndicate of any company.”
Mitsui
Ventures led the extended Series C investment round. Mitsui was joined by
existing investors Kleiner Perkins Caufield & Byers and BP Alternative Energy, and new
investors I2BF Global Ventures and Energy Technology Ventures. The initial
Series C funding round was disclosed via regulatory filings in April. Investment
amounts for each company were not disclosed.
About
GMZ Energy
GMZ
Energy is a pioneer in nanotechnology-based materials, a building block for a
new generation of energy-efficient and more environmentally friendly products. The
venture-backed company was founded in 2007 to commercialize thermoelectric materials
and devices that leverage radical improvements in material performance. These
improvements open the door to numerous solid-state approaches to cooling and
power generation. GMZ Energy is supported by investments from BP
Alternative Energy, Energy
Technology Ventures, Kleiner Perkins Caufield &
Byers, Mitsui Ventures, I2BF
Global Ventures and
strategic corporate partners.
About I2BF Global
Ventures
I2BF
Global Ventures is an international clean technology asset management group
with a global investment mandate focused on venture capital and public equity
activities. Established in 2005, I2BF has over USD 145 million in assets under
management across two venture capital vehicles and a hedge fund. I2BF Global
Ventures seeks out game-changing technologies, and to invest in the most
innovative and competitive companies within the sector. In keeping with its
worldwide focus, I2BF retains a team of technology and sector experts as well
as renewable energy researchers across teams in New York, London, Moscow and
Dubai.
About Mitsui Ventures
Mitsui Ventures is a
venture investment arm of Mitsui & Co., Ltd. on a mission to invest in
venture companies
worldwide. Mitsui Ventures consists of MVC Corporation, investing mainly in
Japan, China
and other Asian countries with three offices in Tokyo, Shanghai and Beijing,
and Mitsui & Co. Venture
Partners, Inc., investing mainly in North America with two offices in New York
and Silicon Valley.
About Energy Technology Ventures
Energy
Technology Ventures is a joint venture involving GE (NYSE: GE), NRG Energy
(NYSE: NRG), and ConocoPhillips (NYSE: COP) focused on the development of
next-generation energy technologies. Bringing together three market-leading
companies with a wide range of deep technical and financial expertise,
relationships, services and products, the joint venture invests in, and offers
commercial collaboration opportunities to, venture- and growth-stage energy
technology companies in the renewable power generation, smart grid, energy
efficiency, oil, natural gas, coal and nuclear energy, emission controls, water
and biofuels sectors, primarily in North America, Europe and Israel. For more
information, visit www.energytechnologyventures.com.
Contact:
Allison
Kubota
North
of Nine Communications for GMZ Energy
415.268.4806
Brian
Schaffer
CJP
Communications for Energy Technology Ventures
212.279.3115
ext. 229
Toby
Guise or Charlie Methven
Dragon
Associates for I2BF Global Ventures
+44
207 3408567
Toby.guise@dragonassocs.com
or charlie.methven@dragonassocs.com