According to a new SEC filing, Coolerado— the Denver-based manufacturer of super energy-efficient air conditioning systems for residential and light commercial use— has closed a $7.2 million investment led by NewWorld Capital Group, and joined by Spring Mountain Capital.
The relationship between the clean tech investors and Coolerado was announced in October, without any dollar amounts confirmed. Both funding organizations are based in New York. Coolerado is targeting $4.1 million more for the round, the filing says.
Founded in 2004, Coolerado designs, makes and sells patented, energy-efficient air conditioning systems that the company claims can save buyers up to 90% in electricity costs affiliated with air conditioning.
Coolerado coolers, in contrast to traditional air conditioners, do not re-circulate air, nor do they use chemical refrigerants or compressors. Coolerado air conditioners (as described in this demo video) instead use thermodynamics, and water as a fuel for cooling. Some Coolerado units can run on solar power.
The company has sold its technology to customers in 21 countries already. Amusingly, its website is run on solar power from data centers that are cooled by Coolerado units.
With this round of funding, NewWorld Capital appointed three directors to the company’s five-person board: Bradley Abelow, Carter Bales and Ali Iz.
NewWorld Capital Group is a leading private equity firm focused on investing in the environmental opportunities sector, principally in the United States and selectively in Europe. NewWorld makes growth equity and control investments in rapidly-growing smaller and mid-sized companies in clean energy, energy efficiency, waste-to-value, water reclamation and reuse, pollution abatement, sustainable/biodegradable materials, and related environmental services. The Firm does not accept technology risk and invests only when a productive partnership can be formed with company management. NewWorld was...