Heat pump technology startup Evari announced that it has raised $7.5 million in seed financing, with proceeds to be used to commercialize the company's technology for the electrification of consumer and industrial heating and cooling systems.
Heat pumps are rapidly emerging as an important energy-efficient and environmentally friendly alternative to furnaces and air conditioners, reducing greenhouse gas emissions and reducing dependence on fossil fuels. According to the International Energy Agency (IEA), heat pumps have the potential to reduce global CO2 emissions by at least 500 million tons by 2030.
The loan comes as demand for heat pumps is expected to grow, in part due to government incentives aimed at decarbonizing homes. For example, the US Inflation Control Act provides significant rebates and tax credits for heat pumps.
Founded in 2021, New Hampshire-based Evari (formerly MTT) is developing a supersonic pocket power plant that can be used to power heat pumps, which play a critical role in applications ranging from electric vehicles to residential and commercial refrigeration and heating. We manufacture turbo compressors of various sizes. Evari's technology uses a clean-tech manufacturing process, which the company says makes its design up to 50% more energy efficient than today's heat pump compressors and keeps production costs lower.
Steve Walker, CEO of Evari, said:
“Our team has a history of tackling difficult engineering problems and delivering results. What we have developed at Evari is revolutionary. This small, palm-sized compressor is making the planet greener. As we enter the next phase of rapid growth, our team is grateful for the support of mission-driven investors and scale-up experts to guide our go-to-market strategy. .”
Led by Clean Energy Ventures, with participation from angel investors Clean Energy Venture Group (CEVG) and Farvatn Venture, Evari said the seed funding will allow him to grow his team and expand manufacturing capacity. As part of the financing, Chris Kmetz, a longtime leader in Carrier's turbomachinery and engineering fields, has agreed to join as an independent director. John Santorelli, a veteran early-stage climate investor and venture partner at Clean Energy Ventures, will also join Evari's board of directors.
Temple Fennell, co-founder and managing partner of Clean Energy Ventures, said:
“This technology represents a major advance in affordable compressor design and precision manufacturing efficiency. Turbo compressors have traditionally been limited to high-cost applications, but Evari is enabling turbo compressors everywhere. Led by a team of experienced engineers, Evari is developing new alternatives that could save gigatonnes of carbon dioxide emissions over the next few years by improving efficiency, eliminating polluting refrigerants, and powering the electrification era. I invented it.”
Over the past 12 months, Evari has doubled in size and is now ramping up its micromachining manufacturing process. The goal is to reduce CO2e by 2.5 gigatonnes by 2050.
