GMZ Energy Inc., a nanotechnology startup, received $14 million in venture capital funding to develop a system that converts heat into electricity.
Mitsui & Co. (8031)’s venture unit led the Series C funding round, Waltham, Massachusetts-based GMZ said today in a statement. Kleiner Perkins Caufield & Byers, I2BF Global Ventures, Energy Technology Ventures and BP Plc (BP/) unit BP Alternative Energy also participated.
GMZ uses nanotechnology to create thermoelectric materials, which generate a charge when each side of the material is a different temperature. The company plans to use the technology to convert waste heat from industrial processes, solar heating systems and cars into electricity.
“This investment will allow us to commercialize this breakthrough and expand our product line more quickly and efficiently,” GMZ Chief Executive Officer Aaron Bent said in the statement.
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