(March 31st 2010) – Hamilton, Bermuda – Cutting-edge thermoelectric technology company MicroPower Global Limited today announced the successful initial closing of its PPM having exceeded the minimum target of $2.5m.
The funds will be used to hire additional engineering staff and enable the company to continue its development work at Texas State University in San Marcos. The new shareholders are primarily private investors, and are from a wide variety of locations worldwide, particularly the US and Europe.
The company hopes to secure further investment of approx $2m in the coming weeks from additional investors in Europe which will give the company further resources to complete the development of its breakthrough prototype thermoelectric chips.
“After a long hard journey, we now have a great opportunity to bring this exciting technology to market,” said Max Lewinsohn, MicroPower’s Chairman. “If we can achieve that, then the impact on both industry and society will be significant – not only could MicroPower have a major influence in the world of clean energy, but it could also become a highly successful company for the benefit of all stakeholders.”