Energy company GMZ Energy has received $14 million in its third round of funding, the company announced Wednesday.
...GMZ Energy specializes in renewable and economically viable energy. “We have a solid state material that lets you generate electricity from heat. There are huge amounts of waste heat, and if that can be harnessed it can be used to generate tons of electricity,” GMZ CEO Aaron Bent told VentureBeat.
Essentially, instead of creating electricity from burning fossil fuels, the company uses a renewable thermoelectric (heat-electricic) material to convert heat to electricity using the sun and wasted heat from industrial and automotive sources.
The material, which developed at the Massachusetts Institute of Technology and Boston College, works by generating an electrical current from temperature changes. A heat source is placed on one side of the material, creating an electrical current.
