RALEIGH, NC, February 25, 2011
/24-7PressRelease/ -- Phononic Devices, an early stage company located on NC State University's Centennial Campus, has closed on $10 million Series B financing to fund growth and commercialization of its high efficiency thermoelectric modules. The financing was led by existing investors Venrock and Oak Investment Partners.
Having achieved technology proof-of-concept milestones on a $2 million Series A financing, Phononic Devices will utilize Series B funds to: commercialize high efficiency thermoelectric modules, expands its team of world-class materials science and compound semiconductor device engineers, and add rapid prototype capacity to leverage the Company's proprietary materials and manufacturing-friendly semiconductor processes. Phononic Devices' approach is designed to significantly increase the efficiency of Thermoelectric Coolers (TECs) that use electricity to remove heat for cooling and refrigeration, and conversely, Thermoelectric Generators (TEGs) that harvest low grade waste heat for power generation.
"The latest financing enables Phonoic Devices to assemble a world-class team and bring our high efficiency thermoelectric modules to the multi-billion dollar electronics cooling, refrigeration, and power generation markets," said Dr. Anthony Atti, President and CEO of Phononic Devices. "With the help of ARPA-E we've proven that our advanced semiconductor materials and engineering approach are ideal for high efficiency cooling and refrigeration and lowe grade waste heat recovery for power generation. Our goal now is to accelerate the go-to-market roll out for our manufacturing-friendly modules."
According to Dr. Arun Majumdar, Director of ARPA-E (Advanced Research Projects Agency), the Department of Energy agency funded Phononic Devices when the company's thermoelectric technology was still in the idea stage, unproven and risky, but also worthwhile since more than 50% of primary energy in the U.S. is lost as waste heat.
"ARPA-E funding targeted the research needed to translate science into an innovative thermoelectric technology with real market potential now realized through private sector investment," said Majumdar.
Phononic Devices wwas one of only 37 companies selected by ARPA-E in its inaugural solicitation for funding to pursue "transformational" energy breakthroughs. The $3 million grant enabled the company to introduce its new class of highly efficient thermoelectric materials.
Phononic Devices will be an exhibitor at the ARPA-E Energy Innovation Summit (
http://www.ctsi.org/events/EnergyInnovation/program/) from February 28 to March 1, 2011 in Washington, D.C. at Booth #201.
About Phononic Devices
Phononic Devices, is commercializing advanced thermoelectric materials and device concepts exclusively licenced from the University of Oklahoma designed to dramatically improve the efficient of heat-to-electric energy conversion, and conversely, efficient use of electricity for cooling and refrigeration. Phononic Devices is funded by Venrock and Oak Investment Partners and was awarded a $3 million grant from ARPA-E in the inaugural funding solicitation. Phononic Devices is located on Centennial Campus. For more information, visit:
www.phononicdevices.com
About Centennial Campus and NC State University
Centennial Campus (
http://www.centennial.ncsu.edu) is an internationally recognized 1,314-acre research park and technology campus owned and operated by North Carolina University. Home to more than 60 corporate, government and non-profit partners, such as Red Hat, ABB, and the USDA, collaborative research projects vary from nanofibers and secure open systems technology to serious gaming and biomedical engineering. Four university college programs also have a significant presence on campus - College of Engineering, College of Veterinary Medicine, College of Textiles and the College of Education. NC State is one of the top research universities in the country, with expenditures in research approaching more than $325 million annually. The university ranks third among all public universities (without medical schools) in industry-sponsored research expenditures. (
http://www.ncsu.edu)
---
Press release service and press release distribution provided by http://www.24-7pressrelease.com# # #
Press Release Keywords:Read more Press Releases from Gene Pinder:
