Perpetua Power closes $4M investment, plans expansion
By Christina Williams
Editor, Sustainable Business Oregon
Perpetua's power harvesting technology got a boost from a $4M investment.
Perpetua Power Source Technologies Inc. closed on $4 million of its Series B on Monday, according to paperwork filed with the U.S. Securities and Exchange Commission.
Perpetua Chairman and CEO Nicholas Fowler said that the $4 million equity transaction represents a portion of the company's Series B, but he declined to comment further.
Perpetua, which makes sensors powered by renewable thermal energy, announced last week that the Coquille Indian Tribe made a strategic investment in Perpetua to support the Corvallis-based startup's plans to build a manufacturing facility in North Bend.
"The technology caught our eye," said Ray Doering, spokesman for the tribe. "We have a distinct commitment to sustainability, so it fits with the philosophy of our tribe."
The tribe's holding company filed its own SEC form last week disclosing a $4.2 million equity transaction. Doering declined to comment on whether or not that transaction was related to Perpetua.
Perpetua Power grew out of a partnership between Pacific Northwest National Laboratory and the University of Oregon's Technology Entrepreneurship Program, where a team of students won several awards on the business plan competition circuit.
The 25-employee company is commercializing thermal electric technology out of PNNL for use as a renewable battery replacement in settings including industrial monitoring sensors. The technology also has applications in harvesting heat from the human body to power low-power electronics such as medical devices.
The partnership and investment from the Coquille Tribe's newly formed Mith-ih-kwuh Economic Development Corp. will include the construction of a new production facility on tribe land in North Bend, expected to get underway later this year.
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