Applied Ventures Extends Investment in MTPV, LLC

MTPV, a clean energy semiconductor chip company, announced that it raised an additional $3.25 million in the final closing of its series B financing. The funding, provided by Northwater Capital Management, Inc. and a follow-on investment from Applied Ventures, LLC, the venture capital arm of Applied Materials, Inc., completes the round that started with a $6.75M closing in August of last year.

The initial closing, which was led by pre-existing investor Spinnaker Capital, LLC of Boston, also included investments from Applied Ventures, the Massachusetts Clean Energy Center, Austin-based Ensys Capital, LLC, the Clean Energy Venture Group, and several others.

MTPV creates semiconductor chips that convert heat directly into electricity. Similar to a solar panel that converts sunlight into electricity, MTPV chips are able to convert any source of heat into electricity with breakthrough efficiency and power. As part of this financing MTPV, LLC changed its corporate structure and is now MTPV Power Corporation.

“Our fund specializes in companies with strong intellectual property.” said Frank Egan, managing director of Northwater Capital. “We are excited to join this dedicated group of investors committed to bringing this impressive technology to the world.”

“Northwater Capital brings significant experience and many industry relationships to MTPV that will greatly benefit us as we begin to commercialize our technology,” said David Mather MTPV’s president and COO. “We look forward to partnering with Northwater and their impressive network of potential customers and collaborators.”