Evercloak raises $2M in seed funding to radically cut the energy demands of air conditioning
WATERLOO, ON, Feb. 13, 2024 /CNW/ - Evercloak raised $2M in an oversubscribed seed round of investment, driven by interest in its breakthrough HVAC technology. By radically 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.
"Our investment in Evercloak's technology supports our mission to invest in emerging companies that are commercializing technology which supports the transition towards a sustainable, net-zero, and low-carbon economy" says Meaghan Seagrave, Bioindustrial Innovation Canada Executive Director. "Evercloak is a great addition to our portfolio of green companies looking to build a stronger Canada."
"We're excited to accelerate green innovation by adding Evercloak to our portfolio of sustainable proptech companies." says Jamie James, Managing Partner at Greensoil. "There's no question — reducing carbon footprints and cutting energy use are big priorities in the sector."
Today, air conditioning accounts for 10 percent of global energy use. Without urgent action, that number is predicted to triple by 2050, as temperatures rise around the world.
At the recent COP28 climate change conference, the United States, Canada and 66 other countries pledged to cut their emissions from cooling systems by 68 percent by 2050. It's going to require massive increases in energy efficiency. And that's what Evercloak's technology delivers.
"Evercloak's advanced HVAC technology represents a significant step in sustainable innovation. OCI is proud to support Evercloak on their commercialization journey and foster cleantech advancements that address the critical need for energy efficiency." - Claudia Krywiak, President and CEO of Ontario Centre of Innovation.
By developing a way to manufacture graphene composite membranes at scale, Evercloak has turned the theoretical potential of membrane-based dehumidification into a viable commercial option. Field trials of two demonstration units in summer 2023 proved how well they perform. Now, the company is preparing to bring their solution to market.
"This is extremely good news for our environment as we will all soon be reducing the ever-increasing need and cost of the energy needed for air conditioning and dehumidification." says Dermot Sweeny from Sweeny Holdings.
About Evercloak
Based in Waterloo, Ontario, Evercloak aims to revolutionize industrial processes and drive clean technology with the world's thinnest and most uniform nano-coatings. Currently, our patented manufacturing process is the only one in the world capable of producing continuous coatings of single-layer nanomaterials over large areas. By re-thinking the way 2D materials are manufactured, we're creating scalable and commercially viable opportunities to transform everything from energy storage to water desalination and address the world's most pressing environmental challenges.
To learn more, please visit https://www.evercloak.com/.
About Bioindustrial Innovations Canada
Bioindustrial Innovation Canada (BIC) is Canada's sustainable chemistry business accelerator focused on providing critical strategic investment, advice and services to business developers with clean, green and sustainable technology. Through its Sustainable Chemistry Alliance Investment (SCA) Fund, BIC invests in early-stage companies focused on enabling Canada to become a globally recognized leader in sustainability.
BIC further supports its portfolio companies by providing technical and business advice and services, enabling these companies to remove barriers to commercialization.
As a leader in the emerging Canadian low-carbon economy, BIC-supported companies are on track to reduce over 13 megatons of GHG emissions by 2030 while growing Canada's clean, green and sustainable innovation economy.
To learn more, please visit: https://www.bincanada.ca/
About Greensoil Ventures
Greensoil PropTech Ventures' mission is to digitize and decarbonize the built environment, the biggest asset class on the planet, which is responsible for up to 40% of global energy-related CO2 emissions. GSPV invests in early to mid-stage venture capital opportunities in North America, Europe and Israel that make real estate more productive, efficient and sustainable. Backed by real estate and institutional Limited Partners, GSPV has a successful track record of backing, scaling and exiting high-impact PropTech companies. For more information, visit www.gspv.vc.
We back exceptional entrepreneurs that are changing the way we live and work. GroundBreak Ventures™ is a venture capital firm specializing in real estate and property technology. We invest as early as the pre-seed stage, and provide both the capital and the domain expertise necessary to support the growth of our entrepreneurs, and the businesses they work tirelessly to build. Our firm is based in Toronto and supported by Hopewell®, a multifaceted real estate organization with operations in Canada and the U.S. Over its nearly 40- year history, Hopewell® has built extensive industry networks and deep expertise in residential and commercial development, homebuilding, property management and logistics, including last mile. The company has embraced innovation; a willingness to adopt new technology is a key differentiator in its approach to business. For more information, visit https://groundbreakventures.com/.
About the Ontario Centre of Innovation (OCI)
The Ontario Centre of Innovation (OCI) brings industry, academic, and government partners together to invest in collaborative R&D, technology development, and commercialization opportunities that generate the highest return on innovation for Ontarians.
As an ecosystem connector, OCI initiates unparalleled partnership opportunities, develops and manages successful industry-academic collaborations, supports high-potential SMEs in commercializing ground-breaking research, and provides hands-on training and skills development opportunities for the next generation of highly-skilled talent.
OCI drives economic growth and job creation through investments in the development, commercialization, and adoption of advanced technologies.
For more information: https://www.oc-innovation.ca
SOURCE Evercloak
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