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MTPV Secures $6.5M of an $8.5M Series B Financing
Sep 6, 2011 –
MTPV, LLC, a clean energy semiconductor chip company, announced today that it raised $6.5 million in the initial closing of its series B financing. The round, which was led by pre-existing investor Spinnaker Capital, LLC of Boston, included an investment from Applied Ventures, LLC, the venture capital arm of Applied Materials, Inc. (NASDAQ: AMAT). Also investing in the series B financing were the Massachusetts Clean Energy Center, Austin-based Ensys Capital, LLC, and several existing MTPV investors.
MTPV creates semiconductor chips that convert heat directly into electricity. Similar to a solar panel that converts sunlight into electricity, MTPV chips are able to convert any source of heat into electricity with breakthrough efficiency and power.
“MTPV represents an intersection between the semiconductor and energy worlds, two large markets that align well with Applied Materials’ core expertise,” said J. Christopher Moran, Corporate Vice President and General Manager of Applied Ventures. “We are pleased that this investment will be used to support the development of products for making alternative energy and environmental solutions more accessible and affordable.”
The Massachusetts Clean Energy Center (MassCEC), also a Series B investor in MTPV, has been a long- time supporter of the company. “MassCEC is dedicated to accelerating the success of clean energy development and implementation while creating high-quality jobs and long-term economic growth in Massachusetts,” said Patrick Cloney MassCEC’s Executive Director. “Helping companies like MTPV take another step closer to commercialization will not only benefit our local economy, it will bring a valuable and important energy choice to the world.”
Bob DiMatteo, MTPV’s CEO, founded MTPV after the original breakthrough research at MIT. Since then, MTPV has added many patents to its credit, scaled the technology, and is now beta testing its first commercial prototypes. “Attracting new investors to our venture is a wonderful validation of the team’s hard work,” said DiMatteo. “We are also fortunate to have a very dedicated set of existing investors that continue to believe in the team and our promise for success.”
MTPV expects to complete the financing by selling an additional $2 million in equity within the next few months. The company will use the funds from the Series B financing to expand its current beta testing and scale its manufacturing capabilities.
About MTPV, LLC
MTPV is a clean energy semiconductor chip company using its breakthrough technology to harness the world’s waste heat and convert it to electricity. For more information, visit http://www.mtpv.com.
About Applied Ventures
Applied Ventures, LLC, a subsidiary of Applied Materials, Inc., invests in early stage technology companies with high growth potential that provide a window on technologies that advance or complement Applied Materials' core expertise. Applied Ventures' investments help develop technologies and markets that provide natural extensions of Applied Materials' businesses and can stimulate the growth of applications for its products and services. Applied Materials, Inc. is the global leader in providing innovative equipment, services and software to enable the manufacture of advanced semiconductor, flat panel display and solar photovoltaic products. Learn more athttp://www.appliedmaterials.com.