TLDR:
Key Points:
- Evari, a heat pump tech startup, has raised $7.5 million in seed financing.
- The financing will be used to commercialize Evari’s technology for electrification of heating and cooling systems.
Heat pump tech startup Evari recently announced a successful seed financing round, raising $7.5 million. The funding will be used to advance the company’s technology for the electrification of consumer and industrial heating and cooling systems. As heat pumps are becoming a more energy-efficient and environmentally friendly alternative to traditional heating and cooling systems, Evari’s technology aims to reduce greenhouse gas emissions and lessen reliance on fossil fuels. With the potential to reduce global CO2 emissions by at least 500 million tonnes in 2030, the demand for heat pumps is expected to grow, especially with government incentives like the U.S. Inflation Reduction Act providing rebates and tax credits for heat pumps.
Founded in 2021, Evari, formerly MTT, is based in New Hampshire and specializes in creating pocket-sized, super-efficient turbocompressors for various applications including electric vehicles, refrigeration, and heating. The company’s innovative technology boasts up to 50% more energy efficiency and lower manufacturing costs compared to current heat pump compressors. Evari’s CEO, Steve Walker, highlighted the company’s revolutionary compressor design that will contribute to a greener future.
The seed financing was led by Clean Energy Ventures, along with other investors such as Clean Energy Venture Group (CEVG) and Farvatn Venture. The funding will enable Evari to grow its team, scale up manufacturing capabilities, and work towards its goal of mitigating 2.5 gigatons of CO2e by 2050. With industry experts like Chris Kmetz and John Santoleri joining Evari’s board, the company is well-positioned to drive innovation in the electrification space and reduce carbon emissions in the coming years.
Over the past year, Evari has doubled in size and is focused on expanding its micro-machining manufacturing processes to support its mission of creating more sustainable heating and cooling solutions. With a strong team and support from mission-driven investors, Evari is poised for rapid growth and making a significant impact in the transition towards a greener future.
