California, USA-based Mojave Energy Systems raised USD 12.5 million in its seed round of funding. The company announced the investment on September 18, 2023. At One Ventures and Fifth Wall co-led the financing for the firm. Meanwhile, Xerox Ventures and others provided the investment to Mojave Energy Systems.
Purpose of financing for Mojave Energy Systems
With the latest proceeds from the seed round, Mojave Energy Systems seeks to launch its third-generation liquid desiccant air conditioning platform. Currently, the company is already running several field pilots. Later, in January 2024, the company plans to roll out its commercial launch. In addition, it seeks to invest in go-to-market and commercialization rollout. It also intends to deploy funds towards manufacturing initial orders, and continuing to invest in research and development.
What the company’s official has to say
Philip Farese, Mojave’s founder and CEO, said, “The way we cool buildings hasn’t changed much in over 100 years even though our buildings have. Today, the story is about dehumidification, not cooling; in fact, we spend more energy dehumidifying air than we do cooling it. HVAC equipment improvements have focused on reducing the energy needed for things like heat pumps and fans, neither of which addresses dehumidification. Our first product, focused on providing cool, dry, fresh outdoor air, uses half the energy of other solutions and can reduce emissions by 100 million tons of CO2e. It is especially helpful with buildings like schools, hospitals, and grocery stores that have more demanding requirements.”
What the investors have to comment
Dilip Goswami, Venture Partner At One Ventures, further added, “In this technology, we saw an opportunity to disrupt the $5B DOAS market as well as the broader markets encompassing cooling equipment, energy, and carbon that total over $600B and account for 10% of total global electricity and 4% of emissions. However, commercial building owners and operators need to see product benefits immediately to move away from traditional inefficient solutions. We are excited about Mojave’s debut product because it offers massive energy savings, refrigerant reduction, drop-in installation, a quick payback, and $50,000 or more per unit in lifetime savings: it’s an easy business decision.”
In addition, Greg Smithies, Partner and co-head of ClimateTech Investment at Fifth Wall, said, “We are incredibly excited to support Philip and his entire team at Mojave as they continue to revolutionize the Dedicated Outdoor Air System market.Their next-gen products will bring even greater energy benefits to the broader HVAC market imminently.”
About the company
Philip Farese is the CEO of the company, which launched in 2022. Mojave produces novel liquid desiccant systems targeting energy efficiency and reducing the climate impact of HVAC.
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