OxiCool, Inc. Closes Series A-1 Financing
Funds support production launch of HFC-free air conditioner
MALVERN, Pa., April 7, 2014-- (www.oxicool.com) – OxiCool, Inc., who has developed advanced air conditioning systems, recently completed a Series A-1 round from existing private investors. This followed a larger Series A round in 2012 and earlier funds raised from angel investors, the Philadelphia Industrial Development Corporation, Ben Franklin Technology Partners and Maryland TEDCO. The company secured the Series A-1 round as it develops the production plan to launch its first product, an idle elimination system for heavy trucks.
"After five years of development, OxiCool is ready to advance on a production path. We are fortunate to have a supportive and enthusiastic set of investors who are able to see the immense value this system offers," said Founder and CEO Ravikant Barot.
The company's production plans come on the shoulders of a Joint Development Agreement with a large heavy truck manufacturer in need of air conditioners that run independently of a truck's engine. Demand for the system is driven by federal regulations requiring long-haul heavy truck drivers to stop for a rest break each day and state laws limiting idle times. Rather than change routine, drivers' are searching for ways to maintain a comfortable environment while staying compliant with federal and state law. OxiCool's system allows just that, while saving truck owners up to 90% of fuel costs associated with idling the engine for cooling purposes.
Since its previous fundraising round, the company hired Mike Hom as Vice President of Manufacturing to lead its production efforts. Hom brings 30 years of manufacturing experience, 25 of which with Ford Motor where he held roles of increasing responsibility, to include the Plant Manager for a Ford F150 plant, Director of Manufacturing North America Car and Head of Operations for Ford South America. Further additions include a Vice President of Research and Development and a Director of Finance.
"Our growing team is very excited to continue moving the ball forward," added Barot. "While we are currently focused on the idle reduction market, we look forward to leveraging our technology in the near future for additional applications, to include an air conditioning system for home and small buildings."
About OxiCool, Inc.
OxiCool develops energy efficient air conditioning technologies that are free of greenhouse gas based refrigerants for broad commercial and military applications. The technology uses a clean molecular sieve and small quantity of water, which recycles for the life of the system. The system's molecular sieve based cells have the ability to store energy with no trickle loss and utilize heat energy as a power source. OxiCool is incorporated as a Delaware Corporation and is located in Malvern, PA. For further information, please visit us at www.oxicool.com.
Emma Kaye, Director of Administration and Sustainability
Venture Capital Database