Google, Soros Invest $25 Million in Energy Efficiency Company
Transphorm Inc. closed a $25 million round of financing from an investment fund managed by Soros Fund Management LLC and existing investors such as Google Inc. (GOOG) to fund its power waste reduction technology.
Quantum Strategic Partners Ltd. joined Kleiner Perkins Caufield & Byers, Google Ventures, Foundation Capital and Lux Capital in the Series D round of financing to bring the total raised by the Goleta, California-based company to $63 million since its founding in 2007, Transphorm said in a statement.
The company will use the funding announced today to speed development of its technology to reduce electricity waste on industrial equipment, Primit Parikh, president of Transphorm, said in the statement.
Transphorm says its products reduce power waste by 90 percent and simplify the design and manufacturing of electrical devices such as motor drives, power supplies and inverters for solar panels and electric vehicles.
The company said that inefficient electric power conversion results costs the U.S. economy $40 billion a year and is equivalent to the output of 300 coal plants.
To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net
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