Phononic Devices gets $10 million Series B financing for thermoelectric modules
"This latest financing enables Phononic 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 low grade waste heat recovery for power generation. Our goal now is to accelerate the go-to-market roll out for our manufacturing-friendly modules."
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.
"ARPA-E is delighted at the announcement of Phononic Devices’ $10M private-sector financing," said Dr. Arun Majumdar, Director of ARPA-E. "When ARPA-E first funded Phononic Devices their thermoelectric technology was still in the idea stage, risky and unproven, but worthwhile given the potential breakthrough in energy efficiency. Why? In the U.S., more than 50% of our primary energy 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."
In November of 2009 Phononic Devices was selected for a $3 million grant from the Department of Energy’s ARPA-E (Advanced Research Projects Agency-Energy). The grant enabled Phononic Devices to introduce its new class of highly efficient thermoelectric materials. Phononic Devices was one of only 37 companies selected by ARPA-E in their inaugural solicitation for funding to pursue "transformational" energy breakthroughs.
Phononic Devices is developing a product designed at Oklahoma University that removes heat from computer and refrigeration components.
Phononic Devices at