Alphabet Energy Announces $23.5 Million Series C Financing to Keep Pace with Demand for Thermoelectric Waste-Heat-to-Power Products
Alphabet
Energy, a global leader in thermoelectrics for waste heat to power,
today announced it has closed a $23.5 million Series C round of
financing. Schlumberger, a new investor from the oil and gas industry,
led the round with participation from GM Ventures and Osceola Capital
Management, LLC. Existing investors TPG, Claremont Creek Ventures and
the California Clean Energy Angel Fund also participated.
The new capital will be used to scale Alphabet Energy’s production for
the oil and gas and automotive industries, both under intense regulatory
pressure to curb emissions. For example, the U.S. Environmental
Protection Agency (EPA) recently announced new regulations to limit
methane emissions in the oil and gas industry. Globally, the World
Bank’s “Zero Routine Flaring by 2030 Initiative,” which aims to end
routine gas flaring at global oil production sites, has garnered support
from more than 45 oil companies, governments and others. Alphabet
Energy’s Power
Generating Combustor (PGC™) for oil and gas flares has seen strong
commercial traction in helping oil and gas operators mitigate permitting
risk and meet remote power needs.
“We are very impressed by Alphabet Energy’s waste-heat-to-power
solutions and the commercial traction that has led to key companies from
the oil and gas and automotive industries participating in the
financing,” said Michael Babb, managing partner, Osceola Capital
Management.
To keep pace with oil and gas industry demand for remote power
generation solutions, Alphabet Energy has opened a sales and support
office in Houston.
“The response to our new product, the PGC™, which helps expedite or
eliminate permitting processes by transforming gas flares or combustors
into power generators, has been outstanding, and this new capital and
involvement from strategic investors allows us to meet demand and speed
our growth,” said Matt Scullin, CEO, Alphabet Energy. “The PGC™ meets
the immediate needs of the oil and gas industry, even amid the downturn
in oil prices, because it helps increase production and topline revenue.
It’s an exciting time for thermoelectric waste heat to power
technologies and global leaders from the from oil and gas and automotive
industries agree.”
Alphabet
Energy makes waste heat valuable. Leveraging nanotechnology
research from Lawrence Berkeley National Laboratory and Michigan State
University, and with over 60 patents issued and filed, the company’s
proprietary PowerBlocks™ thermoelectric material turns waste heat from
exhaust into electricity and serves as the technology platform for the
company’s line of waste heat recovery products. Customers in
energy-intensive industries from oil and gas, mining, manufacturing,
transportation, to defense use Alphabet Energy’s products to generate
reliable remote power while also reducing fuel consumption, operating
costs and carbon emissions. Learn more at www.alphabetenergy.com
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Copyright Business Wire 2016
Source: Business Wire
(July 13, 2016 - 10:15 AM EDT)
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