Mojave Energy Systems, founded to change the nature of air conditioning, has raised $9.5 million in Series A funding. The Series A round was led by existing investors Fifth Wall and At One Ventures, with participation from returning investors Myriad Venture Partners, Starshot Capital, Alumni Ventures Group, and new investor Earth Venture Capital.
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The new capital will be used to accelerate the adoption of Mojave’s groundbreaking Dedicated Outdoor Air System (DOAS) solution, ArctiDry, which sets new a new standard for energy efficiency, and began shipping earlier this year. The funding will support the company’s sales and marketing expansion, new ArctiDry product launches, electrochemical regeneration research, and the completion of its Department of Energy manufacturing scale-up efforts. This latest round brings Mojave’s total funding to $25.6 million.
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“We are grateful for the ongoing support of our investors as we transition into this next phase, focused on accelerated adoption, product line expansion, and new market development,” said Phil Farese, CEO, Mojave. “This latest round validates our market leadership and proven success in achieving unprecedented levels of energy efficiency with our liquid desiccant DOAS, while delivering the reliability, performance, and ease of operation that customers need.”
“Mojave’s ArctiDry is a no-brainer for buildings, allowing owner-operators to precisely meet the temperature and humidity requirements of their assets, while providing energy savings and thereby lowering emissions,” shared Anastasia Istratova, Principal at Fifth Wall. “We are thrilled to deepen our partnership with Phil and his market-leading team to drive forward advanced features and new technologies that will further revolutionize the industry.”
ArctiDry is a patented, easy-to-install, liquid desiccant HVAC system with an unparalleled ISMRE2 efficiency rating of up to 11 lbs/kWh that dramatically lowers electricity consumption by up to 50 percent. Its ability to efficiently dehumidify the air without overcooling makes it ideal for many commercial building applications such as healthcare, education, hospitality, manufacturing, and more.
“There is a critical need to dramatically reduce the climate impact of HVAC while delivering on enterprise demand for reliability and energy savings,” said Tim Chiang, Co-founder and Partner, Myriad Venture Partners. “Mojave is reshaping how we think about cooling commercial buildings by setting new benchmarks for energy efficiency in our built environments. We are proud to have been part of Mojave’s journey from the start and look forward to continuing to work with the team as they redefine what’s possible in the HVAC industry.”
In addition to accelerating the adoption of ArctiDry, Mojave is focused on developing the next generation of its advanced technology. This winter, Mojave will launch ArctiDry HP, making it the first company to integrate liquid desiccant with a reversible heat pump. Meeting new state regulatory requirements for energy efficiency, the integration will enable electricity savings and zero-carbon wintertime operation.
About Mojave Energy Systems
Mojave produces novel liquid desiccant systems designed to change the nature of air conditioning by dramatically increasing energy efficiency and reducing the climate impact of AC. Mojave’s patented technology cools and dehumidifies the air, enabling the independent control of dew point and dry bulb. By focusing on dehumidification, lowering energy consumption, reducing refrigerant use, and improving indoor air quality for commercial buildings, Mojave’s ArctiDry product is an ideal solution for Dedicated Outdoor Air Systems (DOAS). When compared to other alternatives on the market, ArctiDry offers a highly reliable, lowest-cost-of-ownership product that reduces energy use by 40 to 60%.
