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Heat pump tech startup Evari announced that it has raised $7.5 million in seed financing, […]]
Heat Pump Tech Startup Evari Raises $7.5 Million – ESG Today
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Heat Pump Tech Startup Evari Raises $7.5 Million
Susan Lahey
March 29, 2024
Heat pump tech startup Evari announced that it has raised $7.5 million in seed financing, with proceeds to be used commercialize the company’s technology for the electrification of consumer and industrial heating and cooling systems.
Heat pumps are rapidly emerging as a key energy efficient and climate-friendly alternative to furnaces and air conditioners, producing fewer greenhouse gas emissions and reducing reliance on fossil fuels. According to the International Energy Agency (IEA), heat pumps heat pumps have the potential to reduce global CO2 emissions by at least 500 million tonnes in 2030.
The financing comes as demand for heat pumps is expected to grow, driven partly by government incentives aimed at decarbonizing homes. The U.S. Inflation Reduction Act, for example, provides significant rebates and tax credits for heat pumps.
Founded in 2021, New Hampshire-based, Evari, formerly MTT, creates supersonic, pocket-sized, turbocompressors that can be used to drive heat pumps which play a key role in applications from electric vehicles to residential and commercial refrigeration to heating. Evari’s technology uses cleantech manufacturing processes that, the company said, make its design up to 50% more energy efficient and lower cost to manufacture than today’s heat pump compressors.
Evari CEO Steve Walker said:
“Our team has a history of tackling intractable engineering problems and delivering results. What we’ve developed at Evari is revolutionary: this tiny, palm-of-your-hand-sized compressor will help lead the globe into a greener era. As we enter our next stage of rapid growth, our team is grateful to have the support of mission-driven investors and scale-up experts who can guide our go-to-market strategies.”
Led by Clean Energy Ventures, with participation from Clean Energy Venture Group (CEVG) angel investors and Farvatn Venture, Evari said that the seed financing will enable it to grow its team and scale-up its manufacturing capabilities. As part of the financing, Chris Kmetz, a longtime leader in turbomachinery and engineering at Carrier, has agreed to join as an independent board member. John Santoleri, veteran early-stage climate investor and Venture Partner for Clean Energy Ventures, will also join Evari’s board.
Temple Fennell, Co-founder and Managing Partner at Clean Energy Ventures said:
“This technology represents a major leap forward in the design and precision manufacturing efficiency of affordable compressors. While turbocompressors have historically been reserved for high-cost applications, Evari makes them possible everywhere. Led by a team of highly experienced engineers, Evari has innovated a novel alternative that can cut gigatons of carbon emissions in the coming years by improving efficiency, eliminating polluting refrigerants, and advancing the electrification era.”
Over the last 12 months, Evari has doubled in size and is now driving the buildout of its micro-machining manufacturing processes. It has set a goal mitigate 2.5 gigatons of CO2e by 2050.
Susan Lahey
Susan Lahey started her career as a business reporter for The Kansas City Star and has worked as a freelancer covering business, investment, technology, sustainability and science for numerous publications. She has also worked as a writer and editor for publicly funded projects mandating environmental cleanup of a molybdenum mine in Northern New Mexico; and recovery and resiliency measures following Hurricane Maria in Puerto Rico. Recently she worked as Director of Communications for a European wave energy company.
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