POOLED Development Fund Mentor Investments is hoping to raise over $1 million in seed capital to sink into local energy technology developer, Thermal Energy Applicator Products (TEAP).
Mentor released an information memorandum this week proposing to raise the series of funds before the end of the year, prior to releasing a prospectus to raise up to $10 million.
TEAP, based in Wangara, has spent the past 10 years developing energy storing liquids, also known as hydrated salt Phase Change Materials (PCMs), which are engineered to emit specific temperatures for an extended period of time.
TEAP’s range of PCMs is currently being applied worldwide in underfloor heating, organ transportation, oil pipelines and telecommunication networks.
The products are being tested and being used by companies such as European pharmaceutical player Wyeth, German-based European construction giant Dorken, and Starensier – a US textile and engineered fabrics supplier to the US military, Nike, Adidas and Ford Motor company.
TEAP is Mentor’s first venture since the investment company formed earlier this year under the direction of former Home Building Society chief executive officer Jim Freemantle and former Mirant Corp business development executive director Thomas Scott-Morey.
As a licensed PDF, Mentor is required to limit its investments to under-commercialised Australian companies, but in return receives a number of investor and company tax concessions.
Mentor, however, says it is trying to remain focused specifically on Western Australian companies that do not have access to the financial community in the eastern States.
Mentor director Jim Freemantle said the company hoped to provide young, but promising, WA companies with the right amount of finance and management assistance to give them the start they needed.
“There are a lot of good companies in WA with just as many brains but not too many people are out there providing risk capital,” he said.
“When you are going from a small, unlisted company to a large listed company, there are so many factors that management needs to take into account.
“We don’t want to control the company but we want to assist in terms of management and to give them a kick along.
“These days, we realise companies need more than just money.”
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