Ludgate reinvests in Micropelt

Ludgate invested via its Ludgate Environmental Fund (LEF), a €40m vehicle that launched in August 2007, according to unquote" data.

The developer, producer and marketer of advanced energy harvesting devices underwent a technical administration process in February 2014. Micropelt's intellectual property and assets were then sold to LEF and Wika, which orchestrated a relaunch. All previous investors in the company are no longer shareholders.

Previous funding
A consortium led by German venture capital fund SHS, German banks Landesbank Baden-Württemberg and KfW Mittelstandsbank, venture investor MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg and the Micropelt team backed the 2006 spinout of the company from Infineon Technologies, a German manufacturer of semiconductors. The investment was said to be in excess of €25m.

In 2012, LEF and Mitsubishi UFJ Capital Co invested £5.3m alongside the existing shareholders. LEF contributed €4.1m to the round.

Company
Headquartered in Freiburg and with production operations in Halle, Micropelt develops, produces and markets thermal energy-harvesting chips for cleantech micro-energy harvesting, thermal sensing, cycling and cooling. The company's products use waste heat to generate electricity. Micropelt partners with semiconductor and system integrator companies.

The company opened its first production facility in June 2011 and employs 23 members of staff.

People
Bill Weil is chief investment officer at Ludgate Environmental and led the transaction. John Shakeshaft is the manager of Ludgate Environmental Fund. Alexander Wiegand is the CEO of Wika.

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• Topics
• Industrials
• DACH
• Expansion
• Germany
• Ludgate Investments Ltd