Energy company GMZ Energy has received $14 million in its third round of funding, the company announced Wednesday. Mitsui Venture led the series C round, which included I2BF Global Ventures, Energy Technology Ventures, Kleiner Perkins Caufield & Byers and BP Alternative Energy.

GMZ Energy specializes in renewable and economically viable energy. “We have a solid state material that lets you generate electricity from heat. There are huge amounts of waste heat, and if that can be harnessed it can be used to generate tons of electricity,” GMZ CEO Aaron Bent told VentureBeat.

Essentially, instead of creating electricity from burning fossil fuels, the company uses a renewable thermoelectric (heat-electricic) material to convert heat to electricity using the sun and wasted heat from industrial and automotive sources.

The material, which developed at the Massachusetts Institute of Technology and Boston College, works by generating an electrical current from temperature changes. A heat source is placed on one side of the material, creating an electrical current.

GMZ Energy is currently developing its first product for launch in 2012; a solar hot-water collector that will generate electricity for homeowners.

“The funding will be used for two major things; to complete the release of our new product and move in it to production, and to accelerate our other waste heat recovery projects,” said Bent.

GMZ Energy was founded in 2007. GMZ Energy has been funded by BP Alternative Energy, Energy Technology Ventures, Kleiner Perkins Caufield & Byers, Mitsui Ventures, I2BF Global Ventures and strategic corporate partners.

Nuclear Plant photo via Shutterstock