Northwater Backs RedWave Harvesting Heat With Antennas

Northwater Capital Management Inc., a Canadian private equity investor, is backing startup RedWave Energy Inc.’s efforts to convert industrial waste heat into electricity using nanomaterials.

Northwater invested $1 million this month and provided $2 million last year through a Series A financing round, according to RedWave Chief Executive Officer James Nelson. The company will seek funding through a Series B round this year after starting work on a prototype that may be tested in power-plant conditions.