Thursday January 16, 2020 0 comments
DENVER -- Rebound Technologies announced the closing of a $5 million Series A financing with lead investors Clean Energy Ventures and Skyview Ventures and participation from Autodesk Foundation, the philanthropic investing arm of multinational software corporation Autodesk.
"Rebound's breakthrough technology creates a powerful opportunity to improve the freezing efficiency of cooling systems by 35 percent and potentially prevent 681 MMT of greenhouse gas emissions annually from the cooling sector by 2050," said Temple Fennell, managing director and co-founder at Clean Energy Ventures.
"The dominant technologies used across cooling applications today are inefficient and ready for major innovation. We see a very promising future for Rebound, whose unique scientific and technological achievement is well-positioned to fundamentally transform an industry projected to increase three-fold to $600 billion by 2027."
"Food manufacturers and cold storage logistics companies use the same technology that was invented 100 years ago,” said Joe Speicher, executive director at Autodesk Foundation.
“This comes with high capital and operating costs -- as well as carbon emissions. Rebound's solution can help companies lower up-front costs, reduce maintenance and ultimately, use less electricity. That's good for customers and the planet.”
Traditional vapor compression cooling systems have a static cooling capacity and are only able to generate a fixed amount of cooling over a given time period (this is why refrigerators and air conditioners must continuously cycle on and off to manage a target temperature).
Rebound said its IcePoint® technology is the first solution with a dynamic cooling capacity that gives cooling systems the agility to customize output based on immediate need. As a result, Rebound's system provides unprecedented cooling flexibility, uses significantly less energy than traditional methods, and better-utilizes installed capacity to meet annual cooling needs, the company said.
"There are only a handful of practical and economic thermodynamic cycles in existence for cooling," said Kevin Davis, Rebound co-founder and CEO.
"We've developed an entirely new thermodynamic cycle for cooling based on affordable chemistry and combined it with technology advances in high-speed turbo machinery, heat exchangers, and other thermal fluid components.
“As a result, we now have something that can and should replace inflexible vapor compression systems globally."
Rebound said it will use the new capital to install its first industrial-scale systems with food manufacturers and cold storage logistics companies in North America. Initially installed in combination with existing cooling systems, Rebound said its dynamic cooling capacity will improve moisture control and rapid-freezing capabilities while also lowering energy costs.
"The global frozen food market is growing rapidly at 4.3 percent CAGR through 2025 based on increased demand in emerging countries as well as a desire for convenience among millennials,” said Matt Coleman at Skyview Ventures.
“Significant infrastructure improvements for food processors and cold storage companies is a result of these trends. We see a massive opportunity to design new facilities around Rebound's IcePoint technology and retrofit existing facilities to realize increased product throughput while providing material operational savings.”
Rebound Technologies previously received funding from the National Science Foundation, The U.S. Department of Energy, and a group of seed investors including PRIME Coalition, Closed Loop Ventures, and Investors' Circle.
Headquartered in Denver, Rebound was founded in 2012.