Climate tech startup, Aeroseal, has received $US67 million in Series B funding to support its system which reduces energy leaks to almost zero in some buildings.
Carmichael Roberts, an executive from Breakthrough Energy Ventures, which led the funding, said buildings are a critical, yet hard to decarbonise sector and Aeroseal’s technology is making an impact on emissions.
He said this solution will make it easier to electrify both new and existing buildings by significantly reducing HVAC demand and mitigating wasted energy from conventional heating and cooling systems.
With support from several top U.S. home builders and a network of specialized HVAC dealers in the U.S. and Canada, Aeroseal has sealed 260,000 buildings (residential and commercial) since its inception.
Aeroseal CEO, Amit Gupta, said that with the new funding the company hopes to secure that many buildings annually within three years.
"We expect our momentum to continue with the world's increased demand for healthier energy-efficient spaces, tighter regulations, and greater incentives tied to adopting newer codes. This is just the beginning,” Gupta said.
Buildings contribute 40 per cent of the world's carbon emissions, according to the World Green Building Council. Almost half of the energy used to heat or cool a building gets wasted due to leaks in the air duct system.
Aeroseal's technology delivers sticky polymers into a building's air ducts and envelopes to create seals where manual sealing methods does not work.
Marc Van Den Berg, global managing director for ventures at Climate Investment, said Aeroseal's approach to reducing energy consumption in buildings by addressing air leakage is truly innovative.
“Its products have been proven to reduce energy consumption by an average of 30 per cent, significantly impacting the environment and building operations. We are proud to have Aeroseal as a valued member of our Climate Investment portfolio,” he said.