Modern Electron exceeds investment target in new round
SUMMARY
US tech company to focus on decarbonising industrial processes and buildings.
By Maureen McCallUS sustainable heat and power technology company Modern Electron (ME) announced February 3 an oversubscribed $30mn Series B funding, attracting new investors Extantia, Starlight Ventures, Valo Ventures, IRONGREY and Wieland Group.
The capital raised will be used to integrate ME’s proprietary technologies into appliances with leading manufacturers of HVAC and energy systems to increase efficiencies.
By converting waste heat into bonus electricity, the technology reduces CO2 emissions, increases the resiliency of critical heat and electricity systems during power outages, and reduces costs for building operators and homeowners.
ME intends to leverage the new capital to deploy hydrogen production pilots of affordable decarbonisation of gas heating without any new infrastructure. ME’s distributed hydrogen production can decarbonise applications where existing renewable electrification technologies struggle, including applications where full electrification solutions are costly to retrofit and cannot handle peak heat demand.
“More than half the energy we use is for heat, yet most of our decarbonisation efforts have been electricity-centric,” said Tom Chi, board member at Modern Electron. “We need breakthroughs to decarbonise heat energy and Modern Electron is transforming the landscape of the possible.”
