09.01.2014 - Technological entrepreneur receives funding of 10 million DKK
A new energy technology demonstrates ground-breaking results. Investors grant funding for further development and commercializing of the product. Additionally, the company receives million kroner grant from aDanish development fund.
For the past two years, the start-up business, TEGnology, has been developing an energy technology based on never before seen, energy materialswhich convert waste heat into electricity. Now, the company’s second prototype and test results demonstrate that the technology works – and it is the first of its kind.
Theinvestors and founder of the company now invest in the business to fund further development of the prototype andcommercialization. The venture foundation Insero is investing 7.5 million DKK, Innovation MidtVest is investing 2.4 million DKK and founder, Flemming Bjørn Hansen is investing 0.1 million DKK. A total of 10 million DKK. Furthermore, Aarhus University is part of the company.
”TEGnology has undergone an amazing development. From only having a scientific idea, the company has established a business and proven that the technology works. We see a lot of potential in the company and that is also why we are reinvesting in their business,” says CEO of Insero, Mogens Vig Pedersen.
Today, TEGnology employs three people and in October the company appointed a new CEO, Paul Egginton. Paul Egginton is looking forward to continue the work. The company’s prototype is currently being tested in Germany.
”Our technology has proven itself. Not only is it more sustainable and efficient than existing thermoelectric technology, it is also less expensive, more environmentally sound and the only technology out there fully functional in high temperatures. It is truly ground-breaking,” says Paul Egginton.
Since the materials of TEGnology function efficiently in high temperatures, machinery, vehicles, freighters and power plants with large engines are especially interesting to the company. The larger the engine – the bigger the amount of waste heat.
2.3 million DKK for further development
The potential of reducing the waste heat in the heavy transport sector is now to be investigated further, in a new development project financed by the Danish Energy Agency. TEGnology has recently been granted 2.3 million DKK by the Danish Energy Agency’s development fund EUPD. This funding will be used to develop a thermoelectric generator for Volvo trucks.
Aarhus University, the Technical University of Denmark DTU as well two German companies, Panco and Mahle, are participating in the project.
“I expect that TEGnology will be able to produce a module which can be used in trucks. A truck has a large engine generating a lot of waste heat which equals potential to us. Until now, the constraint within this industry has been that no produced materials have functioned at high temperatures - however, now we do,” says Paul Egginton.
For launch this summer
With the new funds and grant in hand, the company is expecting to test the market as early as this summer.
”We will continue to develop our module and we have a clear objective of introducing the product in the US, at an upcoming exhibition. Here, we will have test modules ready for sale”, says Paul Egginton and explains further:
“With the new investments, we will be the first to introduce a technology at the world market which can utilise waste heat in such an effective way. Furthermore, we are the first company at the world market with the new and less expensive materials. Accordingly, we have great expectations that the technology will make a difference not only in Denmark but also internationally.”
TEGnology was founded in December 2010 by Flemming Bjørn Hansen. In January 2012, Insero and Innovation MidtVest collectively invested 6 million DKK in the company.
Prior to the investment, the materials of TEGnology were developed in collaboration between scientists at Aarhus University and the German AeroSpace Institute. The technology had reached Proof of science and with the investment, the company now had the opportunity to examine whether the technology would work outside the laboratory.
Today, waste heat is one of the largest unexploited energy resources in the world. Accordingly, TEGnology has continuously worked to develop new materials and technologies in an attempt to overcome this challenge. TEGnology has developed two ground-breaking and more effective energy materials based on zinc antimonide and magnesium silicate. Both have properties that allow them to convert difference of temperature into energy as well as function in very high temperatures – up to 400 degrees Celsius. The materials are patented, and calculations and tests show that when these are applied in a ThermoElectric Generator (TEG), a car for instance will be able to increase mileage of up to 10 percent.
Insero: CEO Mogens Vig Pedersen, firstname.lastname@example.org, Phone: +45 4132 9838
Insero: Investment Manager John F. Dascher, email@example.com, Phone: +45 2964 5799
TEGnology: CEO Paul Egginton, firstname.lastname@example.org, Phone: +45 21182757
Founder of TEGnology: Flemming Bjørn Hansen, FBH@dansk-varmekabel.dk, Phone: +45 2887 6030
Innovation MidtVest: Chief investment officer Peter Smedegaard, email@example.com, Phone: +45 2711 4321
Aarhus University: Business Development Manager Søren Bødler, firstname.lastname@example.org, Phone: +45 6020 2692