M2E Power Announces Revolutionary New Energy Generation Technology
M2E Power, Inc, provider of groundbreaking solutions for mobile and large-scale power generation, today announced that it has raised $8M in its Series A funding. OVP Venture Partners led the round, with additional participation from @Ventures, Highway 12 Ventures and existing investors. The company will use the funds to speed commercialization of its patent-pending M2E™ (Motion to Energy) technology, which promises to fundamentally transform the way military and consumer mobile devices are powered. M2E can also be used in larger scale generator applications such as wind power and ocean wave power.
Currently the company is focused on meeting the mobile power needs of the military. The M2E mobile power solution consists of a micro-generator combined with traditional battery storage to create a system that captures the kinetic energy of normal everyday motion – human or vehicle – to generate electricity sufficient to power mobile devices. With a normal amount of motion, many of these products will either not need to be plugged in for recharging or will have extended run time before recharging. M2E will dramatically lower the 10-30 pound burden that soldiers often carry to power the 500+ mobile battery-powered military devices currently in use, and will help meet the twin consumer demands for clean power and greater device mobility. M2E Power is already a member of General Dynamics’ EDGE Warrior Innovation Center for improved military fighting efficiency.
“Our first goal is to address the mobile power crisis our military is facing. M2E is a solution that provides on-demand power so men and women in uniform can reduce the number of batteries they have to carry with them,” commented David Rowe, President of M2E Power. “Along with addressing the mobile power need, M2E is more environmentally friendly than traditional batteries.”
The M2E solution originated with Department of Energy-funded research at the Idaho National Labs (INL). Inventor Eric Yarger and his team at the INL sought to ease the military’s battery dependence for mobile power, and offer soldiers a way to generate power as they move around. It leverages the well-proven Faraday Principle (energy produced via motion of a magnet through a wire coil), but with changes in the magnetic architecture that has broad applicability to many sizes of motor generators. M2E provides sufficient energy for use in devices ranging from cell phones and digital audio players to PDAs and digital cameras.
Gerry Langeler, Managing Director at OVP Venture Partners said, “It’s hard to think of a hotter market intersection than Cleantech and mobile devices, and that’s exactly where M2E Power is working. We were particularly struck by the company’s ability to produce a solution that meets everyday military and consumer usage patterns, with a stronger environmental profile. That spells both broad applicability and faster time to market – a combination we’re happy to support with this investment.”
"In our experience as Cleantech-focused investors, we've rarely seen such a pragmatic approach to the achievement of significant efficiency gains," stated Marc Poirier, Managing Director of @Ventures. "We're excited about M2E’s platform technology and its potential for providing strong performance improvements in everything from portable electronic devices to large-scale generators and motors."
Evolution Capital Advisors served as an advisor to the company on this transaction. In conjunction with the financing, Gerry Langeler of OVP and Marc Poirier of @Ventures will be joining the M2E Power Board of Directors.