Friday, June 27, 2008

MTPV seeks $6M to power electricity through heat

By Mass High Tech Staff

MTPV Corp.
Headquarters: Boston
Employees: 10
Founded: 2006
Web: www.mtpvcorp.com
E-mail: matthias.jaffe@MTPVcorp.com
Phone: 617-358-1932

The Pitch: MTPV Corp. is seeking $6 million. 


PITCHING THE TECHNOLOGY
MTPV builds semiconductor chips that transform heat into electricity. The technology from which the company derives its name (micron-gap thermo photovoltaics) was conceived at MIT and developed over 10 years at the Charles Stark Draper Laboratory. The technology brings together the microelectro-mechanical systems (MEMS), photonics and semiconductors, according to the company. MTPV says its prototypes have shown that heat can be converted into electricity with an increase of 5 to 10 times the electricity available in an area as compared to traditional thermophotovoltaic devices.


PITCHING THE PEOPLE

Who is on the management team? Bob DiMatteo, CEO, formerly of Draper Labs, United Technologies Corp., and Econo Technologies; Bernard Ho, COO, formerly of Intel Corp; and Matthias Jaffe, CFO, formerly of Alantos Pharmaceuticals, Earlybird Venture Capital and the Boston Consulting Group.

Have executives been involved in a cashout prior to this venture? Jaffe was CFO of Alantos when it was sold to Amgen Inc. for $300 million in 2007.

Who is on the board of advisers? Peter Hagelstein and Clifton Fonstad, both professors at MIT.


PITCHING THE BUSINESS

How much investment is being sought? MTPV is seeking $6 million.

What partnerships, collaborations or affiliations are already in place? MTPV said it was in discussions with a glass manufacturer to install its prototypes in the company’s industrial furnaces.

List any federal or state grants, contracts or awards received: MTPV has received a research contract with Sandia National Laboratories, officials said.

What’s the market size being pursued? The company estimates its target market as ranging from hundreds of millions of dollars to tens of billions of dollars.

Who are the likely competitors, direct or indirect? The company says it has no direct competition but competes indirectly with companies in the field of thermoelectric devices such as Tellurex Corp. of Michigan.

Is the company profitable? No.