September 15, 2011 – PRWEB — Silicon-based thermoelectric developer Alphabet Energy Inc. closed its Series A funding round with $12 million, led by TPG Biotech, the venture arm of TPG. Existing investors Claremont Creek Ventures and the CalCEF Clean Energy Angel Fund also contributed.
After its $1 million seed financing in May 2010, Alphabet Energy achieved key technology and product milestones, the company reports. Alphabet Energy will use the money to accelerate product development, deploy initial pilot projects, create jobs, and relocate to a San Francisco, CA-area facility.
Dr. Mark Gudiksen of TPG Biotech has joined Alphabet’s board of directors, with Dr. Geoff Duyk of TPG Biotech joining as a board observer. Matt Scullin, Alphabet’s CEO and founder, noted that Gudiksen and the TPG Biotech team bring deep technical expertise, global reach, and a "big-picture vision" to the company’s silicon thermoelectric business. Other new scientific and entrepreneurial advisors have recently joined the team: Dr. Lon Bell, one the world’s leading inventors in the field of thermoelectrics, joined as a technical and strategic advisor, while Eric Ries, the Lean Startup expert, will advise on how best to optimize the company’s technology and products for market opportunities.
The company’s first product is a silicon thermoelectric heat-to-power conversion device, currently undergoing prototyping. It has identified the medium- to high-grade waste heat conversion market as the ideal sector for these products. Initially, Alphabet Energy’s waste-heat-to-electricity generators will utilize hot exhaust gas from heavy industrial applications and engines as an energy source. The output range of power generation from Alphabet’s products can be from microwatts to megawatts.
The silicon-based thermoelectric conversion devices allow Alphabet Energy to leverage existing MEMS and semiconductor manufacturing expertise and capacity, following a fabless model. Prototyping rounds and scale-up will be faster thanks to this model, the company asserts.
Alphabet’s silicon-based, fabless model could bring thermoelectrics electricity generation costss in "at or below grid parity," said Mark Gudiksen of TPG Biotech, meaning that the electricity generated from waste heat would cost the user less than electricity purchased from a traditional source. Alphabet Energy is the "only one in the field" to demonstrate this possibility, he added.
Alphabet could tap "enormous multi-billion dollar markets" with a commercial product launch, added Paul Straub, a director at Claremont Creek Ventures, who praised the wide range of potential users and Alphabet’s device performance and cost benefits.
The CalCEF Clean Energy Angel Fund is a seed and early-stage venture capital fund dedicated to clean energy. For more information visit http://www.calcefangelfund.com.
Claremont Creek Ventures is a seed and early-stage venture firm for emerging technologies, specifically in the healthcare/IT, energy conservation, and security markets. For more information, visit http://www.claremontvc.com.
TPG Biotech is part of the growth equity and venture investment platform of TPG, the global private investment firm. TPG Biotech targets investments in pharmaceutical discovery and development, medical technology, diagnostics, healthcare and pharmaceutical services, life sciences, as well as industrial applications of biotechnology. Please visit http://www.tpgbiotech.com.
Alphabet Energy develops waste-heat recovery products based on technology developed at the Lawrence Berkeley National Laboratory. For more information, see http://www.alphabetenergy.com