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Evercloak raises usd15m seed funding cut energy demands air conditioners
Evercloak raises USD$1.5M in seed funding to cut energy demands in air conditioners
Canada-based Evercloak, that aims to turn the theoretical potential of membrane-based dehumidification into a viable commercial option with its method of manufacturing graphene composite membranes at scale, has announced that it has raised CAD$2 Million (around USD$1,475,000) in an oversubscribed seed round of investment, driven by interest in its HVAC technology. By reducing the amount of electricity required to dehumidify air — the most energy-intensive part of cooling — Evercloak’s membrane-based solution can cut the energy demands of air conditioning in half. “We’ve proven our technology works,” says company co-founder and CEO Evelyn Allen. “Now, this funding injection allows us to scale up our membrane manufacturing, strengthen our commercial team and give the world a more sustainable way to cool buildings.”The investment round was led by Bioindustrial Innovation Canada, Sustainable Chemistry Alliance fund. The investment also includes Greensoil Ventures, and Groundbreak Ventures, both specialists in sustainable clean technology, Ontario Centres of Innovation, and angel investors.In 2020, ZEN Graphene Solutions announced that it and Evercloak were awarded CAD$125,000 (around USD$92,000) each, as part of a Next Generation Manufacturing Canada (NGen) Project. In September 2020, ZEN Graphene Solutions announced that the Naval Material Technology Management (NMTM) section of the Royal Canadian Navy (RCN) partnered with ZEN and Evercloak as a testing organization, and agreed to provide in-kind donations of test services from the Naval Engineering Test Establishment (NETE).In August 2021, Environmental Systems Corporation (ESC) and Evercloak announced a new CAD$4.6 million (around USD$3.64 million) collaborative project to build up to pilot-scale commercial production of graphene-based membranes. The project is funded by Next Generation Manufacturing Canada (NGen) from the Ministry of Innovation, Science, and Economic Development Canada.
Source:
www.canadianmanufacturing.com
Tags:
Membranes
Graphene investing and financials
Posted: Feb 14,2024 by Roni Peleg
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