FREIBURG, Germany -- (BUSINESS WIRE) -- Micropelt has raised 6'5 Mio EURO for the roll-out and global expansion of its thin-film thermoelectric energy harvesting technology. The fresh liquidity include a 5 Mio EURO investment by Ludgate Environmental Fund (LEF), a 1 Mio EURO by the Fund of Mitsubishi UFJ Capital (MUCAP) and 0'5 Mio EURO by the existing shareholders IBG / Goodvent, KfW, L-Bank and SHS.
Micropelt's thermal micro energy harvesting technology, which uses waste heat to create electricity, will be rolled out to high-growth cleantech markets in Europe, Japan and globally. The microchip-sized device displaces batteries in automated equipment and has multiple domestic and industrial applications. Examples of initial applications for the device include in radiator valves, industrial automation and remote monitors that assess the condition of technical equipment.
Bill Weil, Chief Investment Officer of Ludgate Investments Limited, the Investment Adviser to LEF said: 'We are very excited about the significant environmental and economic benefits of this product, and its market potential. Eliminating the disposal and maintenance of batteries is important and the Micropelt solution has application across a wide number of industrial sectors.'
Yoshihiro Hashimoto, President of Mitsubishi UFJ Capital Co., Ltd., said: 'Innovation in the fields of Environment & Energy is a global topic, where we see energy harvesting as promising technology. With consistent R&D, entering the production stage, Micropelt is a leading thermoelectric company, we support their success in Japan and Asia.'
Micropelt opened the thin-film thermoelectric production facility, a world's first, in June 2011 in Halle, Germany. Since then the company has been focused on increasing production volumes and reducing per unit cost. Fritz Volkert, CEO of Micropelt, said: 'This investment provides Micropelt with a strong boost to our production capacity and the ability to drive the commercialisation of our technology. We are delighted that Ludgate Environmental Fund has spearheaded, this very important funding round, participating alongside MUCAP.'
Hubertus Leonhardt, chairman of Micropelt's supervisory board and Managing Partner of SHS Gesellschaft für Beteiligungsmanagement, said: 'We are delighted that Micropelt has reached a new stage within its successful development. After having opened their production site in 2011, the new investment round now enables Micropelt to expand globally.
Micropelt is proud of its strong partnerships with major semiconductor players worldwide, and system integrators, in the field of industrial sensor equipment and intelligent radiator thermostats for heating systems. They also work with leading companies in the monitoring and maintenance of electronic distribution equipment. As part of the company's global expansion and commercialisation of its technology, Micropelt recently agreed distribution relationships with Arrow in Europe, Tokyo Electronic Device and Hitachi High-Tech Materials Corporation in Japan.
About Ludgate Environmental Fund
Ludgate Environmental Fund invests in a diverse portfolio of late stage companies in the European cleantech sector. Actively managing its holdings, the Fund invests growth capital with a focus on waste and recycling; renewable energy; energy efficiency and water.
Ludgate Environmental Fund launched in August 2007 and has assets under management of approximately £49.0 million as at 31 March 2012. The Fund is a Jersey domiciled closed-ended investment company, quoted on AIM under the symbols LEF.L for the shares and LEFW.L for the warrants.
About Mitsubishi UFJ Capital
Mitsubishi UFJ Capital (MUCAP) is VC arm of Mitsubishi UFJ Financial Group, originally established in 1974 by Mitsubishi Group companies, manages multiple funds with total capital approximately $500M. MUCAP has made cross-border type investments with selected global syndication partnerships. In this field, MUCAP is focusing companies which offering or developing technologies, products, solutions or services relevant to the Japanese market or companies, especially in TMT & Life Science sector.
About Micropelt
Micropelt GmbH is a developer, producer and marketer of the world's smallest thermal energy harvesting chips. The thermoelectric micro chips are based on a patented and scalable thin-film technology which reduces component size while maximising power density. The chips scavenge free electric power from waste heat to replace or recharge batteries in wireless sensor networks and micro actuators.
Based in Germany, Micropelt employs 23 staff and opened its first production facility in June 2011.