Renewable startup Seatrec runs campaign to raise $1 million via online angel investment platform
Written By: Stratton Report
October 24, 2016
On October 24,Propel(x), an online angel investment platform aimed at science and technology startups announced that Seatrec is currently raising $1 million in growth capital via the platform.
Seatrec, a renewable energy company attempting to generate electricity from temperature differences in the ocean was founded as a spinoff from the NASA Jet Propulsion Laboratory and the California Institute of Technology by Dr. Yi Chao. Notable institutional investors in the seed round include Breakout Labs and Schmidt Marine Technology Partners.
Dr. Yi Chao, CEO and Founder of Seatrec noted:
“We are pleased with the success we’ve had fundraising on Propel(x) and look forward to reaching our current fundraising goal of $1 million. Our technology presents an incredible opportunity to generate power from any temperature differential in the environment whether in the oceans or on land. Over 95% of the ocean remains unexplored. Our renewable energy solution has unlimited capacity, no battery-related wastage at sea, and less deployment and operational costs than traditional batteries. As we continue to grow, we will work to develop additional applications relevant to industry ranging from oil and gas to defense and intelligence as well as recreation.”
According to the firm, Seatrec has engineered a thermal re-charging, or TREC, battery that harvests energy from temperature differences. Its first application is to power underwater platforms, vehicles, and sensors. The TREC battery contains materials that exhibit substantial thermal expansion during a solid-to-liquid phase change. High pressure resulting from this expansion is used to drive an electric generator and the resulting power is stored in batteries or supercapacitors.
Swati Chaturvedi, CEO and Co-Founder of Propel(x) observed: “Seatrec’s technology offers a one-of-a-kind solution to generate electricity from temperature differences in the environment and has a large market opportunity considering the many applications of Seatrec’s innovation. Their unique technology is representative of the many science and technology breakthroughs that are raising capital via the Propel(x) platform and we look forward to helping them reach their equity fundraising goals.”