Advanced Thermovoltaic Systems

Name

Advanced Thermovoltaic Systems

Legal name

Advanced Thermovoltaic Systems Corp.

Website

https://ats.energy

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Industrial Waste Heat Recovery / Thermoelectric Power Generation

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611), Electric Power Generation (22111), Power Boiler and Heat Exchanger Manufacturing (33241)

SIC

Motors & Generators (3621), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Thermal LDES (High-Temperature, Molten Salt, Carnot/Heat-to-Power) (EUAFADAC)

akta.pro secondary industries

High-Temperature Process Heat Electrification (E-Boilers, E-Furnaces, Induction, Plasma) (EUABAJAA), Heat Exchangers & Thermal Transfer Equipment (IMAHAKAC), Power Electronics for Industrial Heating (Induction/dielectric heating power supplies) (IMAGADAK)

Keywords

• Waste heat recovery
• Thermoelectric generators
• Solid-state generators
• Industrial decarbonization
• Energy as a service

Headquarters

HQ city

Loveland

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Energy as a Service (EaaS): Primary revenue model where ATS installs, operates, and maintains SSG units at customer facilities. Customers purchase clean electricity via long-term Power Purchase Agreements (PPAs) at rates lower than grid prices. Eliminates customer CAPEX while creating predictable 20+ year recurring revenue streams.
2. Direct Purchase: Customers can purchase SSG units outright, paying upfront for ownership of the hardware.
3. Lease to Own: Customers can lease SSG units with option to own, providing flexibility for those not ready for full purchase or EaaS commitment.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Advanced Thermovoltaic Systems builds and deploys the Solid-State Generator (SSG), a solid-state heat engine that converts industrial waste heat in the 150–500°C range directly into clean electricity with no moving parts, emissions, or noise. The proprietary Bismuth Telluride thermoelectric cartridges deliver 14% thermal efficiency (DOE-validated), and ATS delivers them to industrial customers through an Energy as a Service (EaaS) model under long-term Power Purchase Agreements, with Direct Purchase and Lease to Own options.

Product overview

Advanced Thermovoltaic Systems offers a unified product portfolio centered on the ATS Solid-State Generator (SSG), a breakthrough solid-state heat engine that converts industrial waste heat into clean electricity without moving parts. The core technology uses proprietary Bismuth Telluride thermoelectric cartridges manufactured via their 'Powder to Power' process, achieving 14% thermal efficiency across the 150-500°C temperature range. The company delivers this technology through an Energy as a Service (EaaS) model, providing installation, operation, and maintenance via long-term Power Purchase Agreements. The modular, containerized units scale from 100kW to multi-megawatt installations, targeting applications across cement, steel, petrochemical, refining, data centers, and geothermal industries.

Differentiator

Problem solved

Functional benefit

Products and services

• ATS Solid-State Generator (SSG) A solid-state heat engine that converts industrial waste heat in the 150–500°C range directly into clean electricity with no moving parts, emissions, or noise. Uses proprietary Bismuth Telluride thermoelectric cartridges to achieve 14% thermal efficiency (DOE-validated); modular containerized units scale from 100kW to multi-megawatt and are deployed behind the meter at large industrial facilities.
• Energy as a Service (EaaS) A service offering under which ATS installs, owns, operates, and maintains the Solid-State Generator at the customer's industrial facility, supplying clean electricity under a long-term Power Purchase Agreement at a rate lower than the customer's grid price. Eliminates customer CAPEX and creates 20+ year recurring revenue for ATS; Direct Purchase and Lease to Own alternatives also offered.
• Powder to Power Process Proprietary manufacturing process that transforms raw Bismuth and Tellurium into high-performance thermoelectric pellets and Solid-State Generator cartridges. Refines, sinters, and precision-finishes the elements into pellets, then assembles them into cartridges plug-compatible with ATS's SSG units, designed for SMT-style automated high-volume production.

Quantifiable outcome

• 60% of industrial energy is lost as waste heat - equivalent to energy needs of 4 billion homes
• +4 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Four partnerships are on record, tiered core and minor.

• HolcimcoreStrategic or Co-development PartnerHolcim is mentioned as ATS's strategic partnership. ATS secured a purchase order from the world's largest cement manufacturer (Holcim) for deployment of SSG technology. Holcim has also served as a Global Alliance Partner for The Earthshot Prize, which nominated ATS for the award. This represents a key industrial customer partnership for initial deployment.
• Schneider ElectriccoreTechnology or IntegrationATS Energy's Solid-State Generator units are built on the Schneider EcoStruxure IIoT platform, enabling full data connectivity, remote monitoring, and management capabilities. This integration provides the IIoT infrastructure for ATS's connected, managed power generation systems.
• U.S. Department of EnergycoreStrategic or Co-development PartnerDOE conducted rigorous Industrial Technology Validation (ITV) testing through Ph.D. scientists, providing independent scientific confirmation of ATS's 14% thermal efficiency claims and industrial readiness. DOE validation is a critical de-risking milestone for the technology.
• Herbert Smith Freehills LLPminorOthersHerbert Smith Freehills LLP supported ATS's nomination for the Earthshot Prize. Professional services firm that provided nomination support for the award application.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Alphabet Energy: Historical direct peer that developed thermoelectric generators for industrial waste heat recovery using Silicon-based materials. Alphabet Energy is the most directly comparable prior venture targeting the same industrial waste-heat-to-power opportunity that ATS now pursues, though it ceased operations.
• Turboden: Leading provider of Organic Rankine Cycle (ORC) systems for industrial waste heat recovery, serving many of the same industrial verticals (cement, steel, petrochemicals, biomass). Turboden represents the incumbent technology alternative that ATS competes against for moderate-temperature waste heat capture.
• Marlow Industries: Long-established manufacturer of thermoelectric modules and generators based on Bismuth Telluride and similar semiconductor materials. Marlow is a direct technology peer supplying thermoelectric components for power generation and cooling across industrial, aerospace, and defense applications.

Broad incumbents

• Ormat Technologies: Established renewable energy company specializing in geothermal power generation and recovered energy generation from industrial waste heat. Operates as a broader incumbent in the same heat-to-power category, with mature project finance and global deployment capability.
• Gentherm: Global thermal management and thermoelectric technology company serving automotive and industrial markets with related semiconductor-based thermal conversion products. Operates as a broad incumbent with overlapping thermoelectric capabilities relevant to ATS's industrial heat recovery market.
• Ferrotec: Global manufacturer of thermoelectric modules and semiconductor materials including Bismuth Telluride. Ferrotec is a vertically integrated thermoelectric materials and module supplier, serving as both a potential component supplier and a comparable technology peer.

Emerging players

• Phononic: Solid-state thermoelectric company focused primarily on cooling applications but with overlapping semiconductor and solid-state thermal conversion technology relevant to ATS's Bismuth Telluride-based heat-to-power cartridges.
• CLEAN Energy Technologies (CETY): Waste heat recovery and clean energy company deploying ORC and heat-to-power systems to industrial customers. Comparable in business model focus on industrial waste heat monetization, though utilizing different core technology than ATS's solid-state approach.
• Evident Thermoelectrics: Early-stage thermoelectric generator developer focused on waste heat recovery applications using Bismuth Telluride modules. Direct emerging peer pursuing similar industrial waste-heat-to-power commercialization pathway.

Regional players

• Ripple Energy: Although focused on wind, Ripple's distributed/managed-energy asset model overlaps conceptually with ATS's EaaS / behind-the-meter managed power concept. Included as adjacent reference for distributed clean-energy-as-a-service business model comparison.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/advanced-thermovoltaic-systems

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds5 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Advanced Thermovoltaic Systems