Rotterdam, NY September 12, 2012: Cleantech company Ener-G-Rotors, Inc. today announced that it had closed a $1.5 million financing package with Bright Capital Seed Fund, a division of a Bright Capital, a global venture capital company. Funds from the Bright Capital Seed Fund will accelerate Ener-G-Rotors’ technology development and commercialization of its revolutionary heat-to-electricity technology.
“This latest investment will enable us to add additional technical resources, expand our team and accelerate commercialization”, Michael Newell, CEO of Ener-G-Rotors said. “Heat to power - in particular, low-temperature waste heat to electricity conversion – represents an enormous opportunity worldwide. Our technology is an economic breakthrough for a wide-range of global industries by efficiently generating power from waste heat. This partnership with Bright Capital provides us with additional experience and direct access to world markets, as well as the financial resources to capitalize on the significant global market opportunities that exist.”
“We are excited to partner with Ener-G-Rotors, and look forward to working with them to address this global opportunity”, said Vadim Kulikov, Managing Partner of the Bright Capital Seed Fund. “We have studied this market in depth, and were extremely impressed both by Ener-G-Rotors’ management team and their technology, which will allow them to economically open new markets, especially for low grade waste heat that was previously dissipated into the atmosphere. Their technology will help companies save money, become more efficient, and at the same time lower their carbon footprint. The key to unlocking this is the unique performance of their systems, which can generate the same level of efficiency in the 5kW range that other systems can only achieve at the 5MW scale.”
Ener-G-Rotors’ flagship product, the GEN4, efficiently converts low-temperature waste heat (150F-350F) to carbon free electricity. The GEN4 is designed for application in industrial processes, commercial buildings, solar thermal collectors, geothermal sources, biomass boilers and combustion engines. A modular system, the GEN4 is installed close to the heat source and generates power based on a breakthrough heat engine technology. The device creates no waste and uses heat that would otherwise be exhausted into the atmosphere. The GEN4 pays for itself in as little as two years.
Ener-G-Rotors first developed its technology at the 5kW level at the company’s former location on Erie Boulevard in Schenectady. Recognizing significant global market opportunities, the company shifted its focus from the 5kW unit to a 30kW – 60kW system. In 2010 the firm moved and expanded its operations within a large, state-of-the-art R&D and manufacturing facility in Rotterdam, NY. In addition to the Bright Capital investment, Ener-G-Rotors has received funding through a combination of private investments and $2.4 million in grants from the New York State Energy Research and Development Authority. The company recently received an ESTCP Grant from the Department of Defense for a demonstration project at the U.S. Military Academy at West Point, NY.
Rotterdam, NY September 12, 2012: Cleantech company Ener-G-Rotors, Inc. today announced that it had closed a $1.5 million financing package with Bright Capital Seed Fund, a division of a Bright Capital, a global venture capital company. Funds from the Bright Capital Seed Fund will accelerate Ener-G-Rotors’ technology development and commercialization of its revolutionary heat-to-electricity technology.
“This latest investment will enable us to add additional technical resources, expand our team and accelerate commercialization”, Michael Newell, CEO of Ener-G-Rotors said. “Heat to power - in particular, low-temperature waste heat to electricity conversion – represents an enormous opportunity worldwide. Our technology is an economic breakthrough for a wide-range of global industries by efficiently generating power from waste heat. This partnership with Bright Capital provides us with additional experience and direct access to world markets, as well as the financial resources to capitalize on the significant global market opportunities that exist.”
“We are excited to partner with Ener-G-Rotors, and look forward to working with them to address this global opportunity”, said Vadim Kulikov, Managing Partner of the Bright Capital Seed Fund. “We have studied this market in depth, and were extremely impressed both by Ener-G-Rotors’ management team and their technology, which will allow them to economically open new markets, especially for low grade waste heat that was previously dissipated into the atmosphere. Their technology will help companies save money, become more efficient, and at the same time lower their carbon footprint. The key to unlocking this is the unique performance of their systems, which can generate the same level of efficiency in the 5kW range that other systems can only achieve at the 5MW scale.”
Ener-G-Rotors’ flagship product, the GEN4, efficiently converts low-temperature waste heat (150F-350F) to carbon free electricity. The GEN4 is designed for application in industrial processes, commercial buildings, solar thermal collectors, geothermal sources, biomass boilers and combustion engines. A modular system, the GEN4 is installed close to the heat source and generates power based on a breakthrough heat engine technology. The device creates no waste and uses heat that would otherwise be exhausted into the atmosphere. The GEN4 pays for itself in as little as two years.
Ener-G-Rotors first developed its technology at the 5kW level at the company’s former location on Erie Boulevard in Schenectady. Recognizing significant global market opportunities, the company shifted its focus from the 5kW unit to a 30kW – 60kW system. In 2010 the firm moved and expanded its operations within a large, state-of-the-art R&D and manufacturing facility in Rotterdam, NY. In addition to the Bright Capital investment, Ener-G-Rotors has received funding through a combination of private investments and $2.4 million in grants from the New York State Energy Research and Development Authority. The company recently received an ESTCP Grant from the Department of Defense for a demonstration project at the U.S. Military Academy at West Point, NY.