About ATS Energy
ATS Energy is the name Advanced Thermovoltaic Systems Corp. uses for its business. The company makes a modular Solid-State Generator that turns industrial waste heat into electricity. The conversion core has no moving parts, and the system needs no turbines. It targets heavy industry.
In early 2024, the company deployed its system at Holcim's Alpena cement plant in Michigan. It won the 2024 Earthshot Prize in the Fix the Climate category. Doug Hudson is chief executive officer and Terry Hill is chief operating officer. Jonathan Candee is chief revenue officer, and Edward Ganja is chief technology officer. Kelly Adams chairs the board. The company is based in Loveland, Colorado.
Funding Rounds (SEC Form D)
| First sale | Filed with SEC | Amount sold | Investors | Avg. check | Terms | Filing |
|---|---|---|---|---|---|---|
| Jul 13, 2026 | Jul 31, 2026amended Oct 22, 2026 | $9,000,000fully sold | 1 | $9.0M | EquityRule 506(b) | Form D/A ↗1 earlier filing |
| Feb 16, 2026 | Jul 10, 2026 | $6,500,000fully sold | 1 | $6.5M | Equity, Debt, Options, Securities on exerciseRule 506(b) | Form D ↗ |
| Total, two offerings | $15,500,000 | |||||
First sale is the date the first investor in the offering committed to invest. Companies must file Form D within 15 days of that date, so filing dates run later.
Rounds announced by ATS Energy
What the company said publicly about its funding. Announced amounts can differ from Form D figures: an announcement can combine several closings, and some money is raised without a Form D.
| Announced | Round | Amount | Investors | Source |
|---|---|---|---|---|
| Oct 14, 2026 | New financing round | $9 million | ATS Energy financing announcement (Yahoo Finance) ↗ Energy Capital report ↗ |
Why Investors Backed ATS Energy
ATS Energy, formally Advanced Thermovoltaic Systems Corp., builds solid-state generators that make electricity from industrial waste heat. The Loveland, Colorado company announced a new financing round on October 14, 2026. The round is meant to advance commercial production of the generator. Its system has already been deployed at a Holcim cement plant in Michigan.
The problem it targets
Holcim MAQER Ventures puts the average heat loss in cement production at half. It ties that loss to 0.2 tonnes of carbon dioxide for each tonne of cement made. The world produces 4 billion tonnes of cement a year, Holcim MAQER Ventures adds.
What the product does
Each generator uses proprietary thermoelectric cartridges as a core component. The October 2026 round will support production of those cartridges. Holcim MAQER Ventures describes the system as low in maintenance, able to work in harsh industrial settings, and quick to scale on automated manufacturing lines. Ion Basa leads engineering and production. He brings automation and electrification experience from the aerospace and EV battery industries.
Progress so far
Holcim MAQER Ventures calls the Alpena deployment a full industrial integration, not a lab-scale pilot. Holcim MAQER Ventures reports a thermal efficiency of 13.9% on a 240°C waste heat stream. The U.S. Department of Energy validated that result independently, the investor adds. Holcim MAQER Ventures expects efficiency to pass 25% with continued optimization.
Who backs it
Energy Capital reported the October 2026 round at $9 million. Holcim MAQER Ventures works with ATS, and the Alpena plant is a Holcim site. Chief technology officer Edward Ganja is a former Shell technology vice president with 35 years in energy. Chairman Kelly Adams has more than 20 years on first-of-a-kind energy and industrial projects. The team page describes chief operating officer Terry Hill as a startup builder with one IPO, one acquisition and two unicorns.
We wrote this summary from public statements by ATS Energy and its investors. It is not investment advice.
ATS Energy in the News
Leadership Team
Executive officers and directors listed on ATS Energy's Form D filed Oct 22, 2026.
Earlier filings also listed Marley Michael (director, last listed Jul 2026) and Johnson Michael (director, last listed Jul 2026).