Alphabet Energy closes $23.5M Series C; thermoelectric waste-heat-to-power for oil & gas and automotive
Alphabet Energy, a startup commercializing low-cost, efficient thermoelectric materials for power generation leveraging technology initially developed at the Lawrence Berkeley National Laboratory (earlier post, earlier post), has closed a $23.5-million Series C round of financing. Schlumberger, a new investor from the oil and gas industry, led the round with participation from GM Ventures and Osceola Capital Management, LLC. Existing investors TPG, Claremont Creek Ventures and the California Clean Energy Angel Fund also participated.
The new capital will be used to scale Alphabet Energy’s production for the oil and gas and automotive industries, both under intense regulatory pressure to curb emissions.
For example, the US Environmental Protection Agency (EPA) recently announced new regulations to limit methane emissions in the oil and gas industry. Globally, the World Bank’s “Zero Routine Flaring by 2030 Initiative,” which aims to end routine gas flaring at global oil production sites, has garnered support from more than 45 oil companies, governments and others. Alphabet Energy’s Power Generating Combustor (PGC) for oil and gas flares has seen strong commercial traction in helping oil and gas operators mitigate permitting risk and meet remote power needs.
To keep pace with oil and gas industry demand for remote power generation solutions, Alphabet Energy has opened a sales and support office in Houston.
Leveraging nanotechnology research from Lawrence Berkeley National Laboratory and Michigan State University, and with more than 60 patents issued and filed, the company’s proprietary PowerBlocks thermoelectric material turns waste heat from exhaust into electricity and serves as the technology platform for the company’s line of waste heat recovery products.