O-Flexx Technologies GmbH, has announced the successful closing of a € 6.7 million extended Series A round of financing. New capital provider SET Venture Partners joins existing investors to fund the commercial roll-out of O-Flexx Technologies' high-efficient, low-cost thermo-electric elements.
O-Flexx Technologies, based in Germany, develops and manufactures thermo-electric elements which enable the economic use of both low and high grade waste heat in a broad variety of applications. "We are pleased that O-Flexx has now closed an extended series A-round of € 6.7 million. With the new investor SET Venture Partners O-Flexx has now secured a strong group of investors which can carry the company to profitability. The investment will be used to run a manufacturing plant and for commercial introduction" says Michael Stuer Lauridsen, Partner at BankInvest New Energy Solutions and Chairman of the Board of O-Flexx Technologies.
Based on its broad portfolio of patents, an in-depth understanding of process technology, and a closely-knit network of R&D partnerships in industry and with research institutes, O-Flexx Technologies has built a significant competitive edge over existing, ways of converting waste heat into useful energy.
"O-Flexx' proprietary thermo-electric solution is absolutely unique. What makes the technology significant is that it opens up markets where electricity generation from waste heat was never feasible before. We are impressed with how well management has succeeded in converting the initial idea into real-life applications and overtaking competitors who are still working on trying to achieve this. We are very excited to team up with this company that is well on its way to becoming a leader in thermo-electrics" says Yvette Go, Investment Manager at SET Venture Partners.
O-Flexx' technology offers both significant efficiency improvements and streamlined, low-cost and reliable production when compared with conventional thermoelectric modules and generators. O-Flexx Technologies will exploit this potential to shape and leave a lasting mark on the thermoelectric market.
"This financing recognizes the progress the company has made to-date and will provide the financial support needed to intensify and extend customer partnerships, as well as for the market introduction of first products" says Ralph Teunissen, CEO of O-Flexx Technologies.
As part of this financing Rene Savelsberg, CEO of SET Venture Partners has joined the Board of O-Flexx Technologies.
Source: O-Flexx Technologies
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