Alphabet Energy Secures Additional $2 Million From Hercules
Alphabet Energy Inc., a provider of thermoelectric products for waste-heat recovery, has secured $2 million in debt financing from Hercules Technology Growth Capital. The investment, which follows last quarter’s $12 million Series A equity financing led by TPG Biotech, provides Alphabet Energy with the means to accelerate its plans to acquire capital equipment as the company continues the build-out of its new Hayward facility in the San Francisco Bay area.
“We’re pleased to announce that Alphabet is accelerating its development and manufacturing efforts,” said Matt Scullin, Alphabet’s CEO and founder. “There is huge potential for waste-heat to generate very low-cost power in a wide variety of applications and industries. Alphabet is focused on developing scalable and cost-effective technology that will provide an affordable and plentiful source of renewable energy.”
“We are pleased to be a key partner and additional source of capital for Alphabet Energy,” said Todd Jaquez-Fissori, managing director and head of the Cleantech Group at Hercules Technology Growth Capital. “The market for thermoelectric waste-heat recovery solutions is potentially very large and is an area of interest for Hercules.”
Alphabet Energy’s first product, currently in prototyping, is a simple, turnkey solution for the generation of electricity from wasted heat. Alphabet’s goal is to become the leader in the potential $100 billion global market for products that convert medium- to high-grade waste heat into electricity