$44.4m for semi-conductor cooling firm
17th December 2014
USA: Phononic, a company developing a thermoelectric cooling system, has secured a further $44.5m in funding.
The company, based in North Carolina, has already received $75.5m in three previous investment rounds.
The funding will be used to drive sales of the company’s solid state solutions in refrigeration and electronics cooling, penetrate new market opportunities and expand manufacturing capacity.
The company recently introduced its first-of-its-kind refrigeration product line for laboratories, research centres and medical facilities, complementing its residential commercialisation efforts. Phononic’s technology is now also being applied to fibre optics, telecommunications and data server infrastructure cooling.
“The last year has seen tremendous and exciting growth for Phononic as more people have become aware of the game-changing nature of our solid state thermal management technology,” said Phononic ceo Tony Atti. “This latest round of financing will enable us to deliver and expand comprehensive product solutions to our customers and partners.”
“Phononic is entering an exciting period of growth,” said Will Morton, Phononic board member and director at WLR China Energy Infrastructure Fund, a fund managed by a joint venture between Huaneng Power Company and Invesco WLRoss. “We believe Phononic’s cold product and cold chain refrigeration and electronics cooling solutions present a tremendous investment opportunity, and look forward to seeing Phononic continue to grow as an industry leader.”
