Perpetua Power closes $4M investment, plans expansion

Perpetua's power harvesting technology got a boost from a $4M investment.

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.

  • Page 1
  • 2
|View All

@SustainableBzOR | christinawilliams@bizjournals.com | 503.219.3438

Comments

If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.