May 20th, 2015

GMZ Energy has been very successful at developing nanomaterial-based thermoelectric modules, and making them commercially available, stated Dr. Clinton Ballinger, CEO of Evident Thermoelectrics. This acquisition is a key element in our investment core strategy to accelerate our product development, as it broadens our market segments and allows us to offer even more products that perform at higher temperatures, meeting customer demand.
Founded in 2006, GMZ commercialized technologies that were developed at the labs of MIT and Boston College, and launched the first commercial high temperature modules overcoming significant challenges in integration and packaged for waste heat applications in cars, furnaces and other industrial applications. Most recently, its technology focus was on half heusler materials, which are high temperature, stable semiconductor nano-materials and well suited for thermoelectric applications like waste heat recovery.
Evident, founded in 2000, is a leader in nanomaterials synthesis and products, and its record of achievement has included commercial product launches in quantum dots, LEDs, biotech and military applications. Leveraging its semiconductor experience to expand into thermoelectrics in 2013, Evident is developing printable thermoelectric materials, as well as nano-bulk materials aimed at increasing the performance of thermoelectric modules.
I am excited to work with Evident as we continue the work we started at GMZ, said Dr. Giri Joshi, manager of R&D GMZ Energy. This combination of Evident and GMZ will greatly benefit the industry since there will now be a single point of contact for anything related to nano-materials used in TE applications.
Bragg Chung, General Manager of Kaori Heat Treatment Inc., Ltd, a major manufacturer in Taiwan, said, Due to green energy policies from several Asian nations, many customers are looking for thermoelectric technology for waste heat recovery applications. By purchasing GMZ, Evident is now poised to expand its market reach, enabling an economy of scale price advantage and we are excited to explore further working relationships with Evident.