Evari, a developer of pioneering next-generation heat pump turbocompressors, announced a $7.5 million seed financing to commercialize a green design for the electrification of consumer and industrial heating and cooling systems. Headed by Clean Energy Ventures, with participation from Clean Energy Venture Group (CEVG) angel investors and Farvatn Venture, the funding will enable Evari to grow its team and scale up its manufacturing capabilities.
Heat pump compressors are invisible but indispensable technology components. They play a key role in countless applications, from electric vehicles to residential and commercial refrigeration and heating. Now, refrigeration compressors alone consume 20% of global electricity. And by 2050, cooling demand is expected to more than triple, consuming as much electricity as all of China and India today.
The current mainstream compressor technology (small and low-cost scroll compressors) has led to the frequent use of vapor compression, an energy-intensive approach that requires polluting liquid refrigerants. At the high end of the market, turbocompressors have long provided substantial performance value but have been too expensive to displace scroll compressors broadly.
Evari’s supersonic, pocket-sized turbocompressors and cleantech manufacturing processes make the company’s design up to 50% more energy efficient and lower cost than the current market options. This result is a monumental leap forward: next-generation heat pump performance at mass-market price points.
Evari’s approach utilizes a platform tested and proven on high-profile NASA missions. And for today’s heat pump customers, design for demanding outer space specifications translates to exceptional performance on earth: no temperature limits; oil-free, nearly silent, and no-vibration operation; with reliability metrics that slash maintenance costs and extend the life of equipment assets.
In the last year, the company has doubled in size and is now driving the buildout of its micro-machining manufacturing processes. In connection with the funding, Chris Kmetz, a longtime leader in turbomachinery and engineering at Carrier, has agreed to join as an independent board member. John Santoleri, veteran early-stage climate investor and Venture Partner for Clean Energy Ventures, will also join Evari’s board.
KEY QUOTES:
“This technology represents a major leap forward in the design and precision manufacturing efficiency of affordable compressors. While turbocompressors have historically been reserved for high-cost applications, Evari makes them possible everywhere. Led by a team of highly experienced engineers, Evari has innovated a novel alternative that can cut gigatons of carbon emissions in the coming years by improving efficiency, eliminating polluting refrigerants, and advancing the electrification era.”
- Temple Fennell, Co-founder and Managing Partner at Clean Energy Ventures
“Our team has a history of tackling intractable engineering problems and delivering results. What we’ve developed at Evari is revolutionary: this tiny, palm-of-your-hand-sized compressor will help lead the globe into a greener era. As we enter our next stage of rapid growth, our team is grateful to have the support of mission-driven investors and scale-up experts who can guide our go-to-market strategies.”
- Evari CEO Steve Walker
