DAVOS-KLOSTERS, Switzerland--(BUSINESS WIRE)--Alphabet Energy will be featured as a Technology Pioneer at the World Economic Forum from Jan. 22-25 at the annual Davos meeting. Alphabet CEO Matt Scullin will be attending and participating in a panel discussion on the Future with Wearable Technology at the WEF Technology Pioneers Annual Meeting on Jan. 21.
Alphabet is poised this year to launch the first-ever thermoelectric product that will utilize industrial waste-heat to generate electricity. The company was named a World Economic Forum Technology Pioneer in September.
The World Economic Forum launched The Responsible Mineral Development Initiative in 2010 to examine the practicalities and solutions related to mineral extraction and development. Alphabet is deploying its thermoelectric product to the mining and oil & gas industries first, as they are the most energy-intensive industries in the world.
“Alphabet being recognized at the WEF signifies the importance of the products we are bringing to the mining and oil & gas markets, and the lasting impact they will have on world economics,” Scullin said. “The future of the global economy is energy-intensive. The potential of recovering waste-heat and utilizing it to create electricity is an enormously untapped market which Alphabet’s highly differentiated products can finally access. Kicking off 2014 at the World Economic Forum, an event of prosperous optimism seems fitting for the direction Alphabet is headed this year.”
Mining companies can spend up to 50% of their operating expenses on diesel fuel. Alphabet’s technology can save companies 20,000 liters of diesel fuel per year, per engine. Across a portfolio of stationary engines and vehicles (which can be hundreds of engines), the cost savings can be millions, improving margins substantially both in this industry and similarly in oil & gas.
Alphabet is a San Francisco Bay Area-based venture-backed company that has raised $30 million to-date from top investors including TPG, and its first customer, Encana, the Canadian natural gas company. It was named in the 2013 Global Cleantech 100, an elite list of companies which represent the most innovative and promising ideas in energy and water. Alphabet aims to offer the most customer-oriented and scalable heat-recovery products available, and to tap into the potential $90 billion market for the conversion of medium- and high-grade waste heat into electricity.
Media opportunities during the World Economic Forum are available upon request.
For more information, visit Alphabet’s website at www.alphabetenergy.com.