MTPV Power Gets $11.2M

Austin-based MTPV Power, a developer of technology which uses semiconductors to convert heat into electricity, has raised $11.2M in a Series B1 Financing. The company said the funding was led by Northwater Capital Management's Intellectual Property Fund, and also included Total Energy Ventures, Saudi Basic Industries Corporation, Point FInancial, as well as Spinnaker Capital, Ensys Capital, the Clean Energy Venture Group and others. The company says it has created semiconductor chips that convert heat directly into electricity, which it says works similar to the way a solar panel converts sunlight into electricity. MPTV is led by David Mather. More information »