NBR 12th April | Small Business Series: Vortex Power Systems gears up to prove innovation has scale.
Size matters when it comes to proving an innovative idea not only works but can achieve scale.
Just ask Vortex Power Systems (VPS), which is in the throes of putting $2 million of recently raised seed capital to good use by building a full-sized model that can demonstrate its nascent waste heat-generation technology.
Backed by some of the country’s best-known angel investors, including Sir Stephen Tindall’s K1W1, and by early-stage deep-tech investor Pacific Channel, VPS is confident it has a commercial idea in harnessing a kind of energy source often forgotten about yet squandered in great quantities.
More than 13,000TWh of potential generation is lost as wasted heat around the world each year – enough energy to power more than three billion households, or an amount equal to what the US, China and India consume annually.
The energytech startup’s technology is aimed at delivering between 5% and 7.5% of further generation from thermal processes that not only generate electricity but power the manufacturing of steel, concrete or paper, for instance, all the while using less fuel and adding no extra greenhouse gas emissions.
And the company estimates the innovation could produce more than US$50 billion of power each year when retrofitted to existing plant – sufficient energy to power a further 130 million homes the world over, without the matching carbon footprint.
The technology is ambitious and bold, VPS general manager Perzaan Mehta says.
Click here to read the full article in NBR: https://www.nbr.co.nz/story/seeing-believing-waste-heat-tech-startup