RedWave Energy, Inc. sold $1 million worth of equity to Northwater Intellectual Property Fund LP 3 a fund managed by Northwater Capital Management, Inc. Northwater is a niche venture capital boutique that invests in intellectual property and intellectual property-rich companies. The fund originally invested for the first time in the company in March 2012. With this new financing Northwater’s investment in the company reaches the $3 million mark.
RedWave’s purpose is to manufacture and commercialize high tech rectennas, i.e. nano scale antennas (nantenna) coupled with special high-speed electrical circuitry (geometric diodes) to generate renewable energy from infrared and near infrared spectrum present in sunlight and thermal radiation. A nantenna converts 95% of infrared sunlight into energy and was developed by the Idaho National Labs. The University of Colorado developed the geometric diodes that slow down the oscillation of the electricity produced to usable levels.
The company is headquartered in Glen Ellyn, IL and is lead by Patrick K. Brady (CTO) and James Nelson (CEO).