The company was founded in 2014 as a spin-off of the Korea Advanced Institute of Science and Technology (KAIST) and has successfully fabricated large-sized engineering samples of their flexible thermoelectric module. Their technology generates electricity by using the temperature difference inside and outside of clothing materials, which can reduce costs for companies. TEGway is setting up a pilot production line and plans to start commercial production by late 2017 or early 2018. Their first application is a cooling and heating system for an arbitrary-shaped surface, and they plan to power wearable sensors and IoT devices using minimal thermal sources such as body heat in the future.