SkyCool Systems, an innovator of sustainable cooling technologies has raised $US5 million to scale deployments of its unique technology that can cool objects with no input energy, using the cool temperatures of earth's upper atmosphere.
The seed financing round was led by Nadel and Gussman Ventures, with support from D3 Jubilee Partners and several prominent private and institutional investors.
The $5.0 million seed financing round marks a significant milestone for SkyCool as it transitions from commercial pilots to scaled deployments of its patented radiative cooling technology.
The financing will accelerate the development and commercialization of SkyCool's groundbreaking panel and film products.
SkyCool's panel-based cooling product improves the efficiency of refrigeration and air conditioning systems, 24 hours a day.
The company is currently focused on deploying panels with grocery stores, refrigerated warehouses, data centres, and other buildings with persistent cooling loads.
SkyCool's direct film products passively cool buildings, shade structures, and transportation systems. The film is especially impactful in applications where heat stress is threatening lives including low income communities and emerging economies.
Both product lines utilize radiative cooling technology, which sends heat to the cold sky and reduces the temperature of any surface to which it's applied.
SkyCool has also appointed Arjun Saroya as its new Chief Executive Officer (CEO).
Saroya has 20 years of experience leading engineering, product, business, and corporate development, within the clean energy sector. He is keen to lend his experience to furthering SkyCool’s mission.
"It's rare to come across a practical, scalable technology and team that is ready for mass adoption - one that can not only make an impact on major energy use sectors of our economy, but also save lives in regions under extreme heat stress,” he said.
Eli Goldstein, the co-founder of SkyCool, will assume the role of CTO, leveraging his extensive technical expertise to drive innovation and maintain the company's technology leadership. Co-founder Aaswath Raman, now Associate Professor of Materials Science and Engineering at UCLA, will continue to lead SkyCool's Technical Advisory Board.