With the heating, ventilation, air conditioning, and refrigeration (HVACR) industry alone accounting for over 10 percent of the global CO2 emissions, the introduction of new products to lower carbon emissions can have a massive positive impact. Betting big on new offerings, Dublin-based cleantech company Exergyn has raised $35 million in Series A funding. The new funds will boost the rollout of the startup’s novel and sustainable thermal management technology.
This round was led by integrated energy and commodities companies Mercuria and Lacerta Partners, a family office-backed multi-strategy fund, with participation from Prague-based private equity and venture capital firm McWin. The investment will enable the company to bring its thermal management solutions to market through partnerships with large multinational corporations.
The cleantech platform develops thermal management product solutions to lower carbon emissions across industries such as heating, ventilating, air-conditioning, refrigeration (HVACR), automotive, and aerospace. The funding will facilitate Exergyn's R&D capability in Dublin and Prague, doubling the size of their team to 60 staff.
Exergyn claims its efficient, affordable, emission-free heating and cooling product solutions can change the trajectory of global warming by eliminating refrigerant gases over the next 30 to 40 years.
Talking about the new funding, Dr. Kevin O'Toole, Co-Founder, and Managing Director, Exergyn said: "Exergyn's mission is to significantly reduce global greenhouse gas emissions by leveraging shape memory alloys (SMAs) to enable the commercial production of the clean energy products. We will leverage this latest funding and begin our next phase to offer sustainable, cost-effective, clean solutions to a variety of industries worldwide."
David Haughie, Managing Director, Mercuria said: "Mercuria’s ambition is for these SMAs to negate the need for refrigerants in traditional sectors such as the cooling and refrigeration industry, allowing even more cost-efficient operation, with zero HFC-driven impact on the environment."
Commenting on their investment, Alexi Papaconstantinou and Ziad Noujaim at Lacerta Partners said: "This technology is bringing the much-needed cleantech solutions and an innovative approach to tackling some of the most challenging global greenhouse gas emission issues facing a wide range of industries."