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Kelvin Receives $30 Million in Series A Funding to Decarbonize Legacy Building Stock Globally
The funding marks the rebranding of Radiator Labs to Kelvin, supporting team expansion and platform growth to deliver tens of thousands of affordable, minimally disruptive electrification and efficiency solutions for heating and cooling hundreds of older buildings worldwide.
NEW YORK, May 18, 2023-- Kelvin, a pioneer in intelligent, decarbonized HVAC solutions for legacy buildings, announces the closing of $30 million in Series A funding. The rebranding from Radiator Labs to Kelvin reflects the company's growth beyond radiators, including expansion into the US and European markets and targeting older building decarbonization where emissions reduction is a vital climate goal. The Series A round was led by climate-focused venture capital firm 2150, with participation from the Schmidt Family Foundation, the Partnership Fund for NYC, and several previous investors. The funds will be used to hire talent and build a scalable platform for accelerating the adoption of economically and environmentally sustainable HVAC options worldwide.
Kelvin's scope has broadened to include other decarbonized HVAC applications, such as heat pump and thermal battery systems, allowing legacy buildings to electrify up to 80% of their heating needs at under 10% of traditional full electrification costs. Like the Cozy, Kelvin’s first product, these solutions are also easily installed through a subscription agreement, making them affordable for all buildings regardless of access to capital.
Kelvin’s flagship product, the Cozy, is an insulated radiator cover that enhances heating efficiency by preventing overheating and fuel wastage. Implementing Cozys throughout a building can result in up to 45% lower heating costs, increased comfort for residents, and decreased building emissions. The Cozy is installed in more than four thousand apartments across the northeastern United States, and has undergone extensive independent validation by multiple agencies.
Kelvin offers a no-money-down subscription, removing capital barriers to decarbonization for all communities and promoting a financially-driven transition, especially benefiting lower-income communities. As a qualified technology for the Inflation Reduction Act's investment tax credit and other state and utility energy efficiency incentives, Kelvin’s decarbonization and efficiency solutions help buildings comply with local emissions, energy efficiency, and electrification regulations, including New York City's Local Law 97.
Since 2011, Kelvin has sold over 15,000 intelligent HVAC solutions to a diverse range of customers, including universities, large real estate portfolios, COOPs, city agencies, and housing authorities.
"Our new identity as Kelvin symbolizes the next phase of our broader mission: to provide energy-efficient temperature control that benefits building owners, tenants, and the larger communities they serve," says Dr. Marshall Cox, CEO and co-founder of Kelvin. "With this new capital, we're excited to expand our team and platform, helping more buildings in more cities meet electrification goals while reducing operating costs."
"Kelvin's hybrid electrification approach aligns with our support of breakthrough technologies that transform urban environments into sustainable cities of the future," said Christian Hernandez, Partner and co-founder, 2150. "Having demonstrated their ability to bring smarter, more sustainable heating and cooling to New York for over a decade, we're eager to see them apply their unique expertise to more cities across the U.S. and the world, offering an affordable, effective path to lower building emissions."
“We’ve been a customer, partner, and investor of Kelvin’s for 8 years now. Their technology solves a crucial issue for us on the path towards our decarbonization goals.” said Michael Rudin, Executive Vice President, Rudin.
Kelvin, formerly Radiator Labs, is a national leader in intelligent HVAC solutions for legacy buildings in major cities. The company designs and installs cutting-edge systems that decarbonize, save money, and provide comfort and temperature control within buildings without prematurely retiring existing systems. Based in New York City, Kelvin has sold over fifteen thousand systems to date.
2150 is a venture capital firm investing in the sustainable reshaping of the broad urban environment. 2150 backs entrepreneurs working at the forefront of the climate transition and helps scale the companies and technologies with long-term equitable impact across the whole ‘urban stack’, including how cities are built, designed, constructed, and powered, to the way people live, work and are cared for.
The Rudin family controls one of the largest privately owned real estate companies in New York City. Founded in 1925 by Samuel Rudin and his siblings, and now led by the third and fourth generations, Rudin oversees the daily operations of 33 properties in New York City. The portfolio is comprised of 17 residential buildings totaling 4.7 million square feet and 16 commercial office buildings totaling 10.5 million square feet.
Antenna Group for Kelvin