Massachusetts-Based Pascal Secures $8.5M in Additional Funding

Pascal, a Watertown, MA-based developer of solid refrigerant technology for new cooling systems, has secured $8.5 million in additional funding.

The round was co-led by Sazze Partners and LB Investment, with participation from KDB Silicon Valley.

The company has also secured $839,000 in grants, including funding from the U.S. Department of Energy and the Massachusetts Clean Energy Center. These investments bring Pascal's total funding to $17.3 million.

The company will use the funds to support its first deployments with a multinational beverage manufacturer and prepare its technology for industrial-scale use.

What is Pascal?

Pascal develops cooling systems that use solid refrigerants instead of conventional gaseous refrigerants. Its technology aims to improve energy efficiency while reducing the environmental and safety concerns associated with traditional cooling systems.

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Many existing HVAC systems use hydrofluorocarbons (HFCs), which contribute to greenhouse gas emissions when released into the atmosphere. Pascal's solid refrigerants are designed to be non-flammable, non-toxic and free from PFAS, a group of chemicals used in various industrial applications.

Pascal also aims to manufacture its systems using the existing industrial ecosystem, helping support commercial production without requiring an entirely new manufacturing base.

How Much Funding Has Pascal Raised?

Pascal has raised $8.5 million in additional funding, bringing its total funding to $17.3 million.

The company has also secured $839,000 in grant funding, including:

• $500,000 from the U.S. Department of Energy's ARPA-E programme.
• $239,000 through InnovateMass.
• $100,000 through the ClimateTech Tax Incentives Program from the Massachusetts Clean Energy Center.

The latest investment was co-led by Sazze Partners and LB Investment, with participation from KDB Silicon Valley.

Who Invested in Pascal’s Funding Round?

The latest $8.5 million funding round was co-led by Sazze Partners and LB Investment.

KDB Silicon Valley also participated in the round. The company did not provide details of investors from previous funding rounds.

Why the Funding Matters

Pascal plans to use the funding to support the initial deployment of its cooling system with a multinational beverage manufacturer.

The company recently completed a working prototype of its pilot refrigerator and is preparing to install the system at the customer's facilities. The deployment is expected to help validate its energy-efficiency and cost improvements.

Cooling demand is growing as temperatures rise and energy-intensive data centres expand. Pascal aims to address this demand with systems designed to reduce energy use and reliance on conventional refrigerants.

Who founded Pascal?

Pascal was founded in 2023 by Adam Slavney, Jinyoung Seo, and Jarad Mason.

The company is headquartered in Watertown, Massachusetts and focuses on developing solid refrigerant technology for more energy-efficient cooling systems.

“Pascal is reimagining cooling without the climate cost, because the centuries-old vapor compression systems humanity relies on are long overdue for an upgrade,” said Adam Slavney, co-founder and CEO of Pascal. “We’ve now proved that solid refrigerant systems are just as efficient as a conventional vapor-compression system doing the same job and are expecting further improvements in the near future.

“Pascal is tackling one of the world's largest energy-consuming applications with a fundamentally new technology and clear path toward commercialization,” said Jay Kwon, Principal at Sazze Partners. “We have been impressed by the team's technical progress and ability to translate breakthrough materials science into a product platform with significant commercial potential.

Market and Business Growth

Pascal has completed a working prototype of its pilot refrigerator, and secured an initial customer agreement with a multinational beverage manufacturer. Its current commercial work focuses on beverage cooling.

The company expects the first deployment to help demonstrate the system's efficiency and cost benefits, with the next phase of the project planned for early 2027.

What Happens Next?

Pascal is preparing to deploy its pilot cooling system with the beverage manufacturer and assess its performance in a commercial setting.

The company expects to move into the next phase of the project in early 2027. It also plans to advance its technology towards industrial-scale applications and explore opportunities beyond beverage cooling, including large buildings and data centres.

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