SOMERVILLE, Mass.--(BUSINESS WIRE)--Infinite Cooling Inc., a technology company focused on reducing water consumption and enabling sustainable industrial cooling, today announced it has closed $12.25 million in Series A financing led by Material Impact. The company will use the funds to amplify the company’s momentum, deploy its product on large-scale facilities, and expand its growing customer base.
Using proprietary technology developed at MIT, Infinite Cooling harvests the large amounts of pure water that are produced as a by-product of cooling systems in power plants, data centers, and manufacturing facilities. This makes industrial processes more sustainable, mitigates their impact on local aquifers, and reduces operational costs. It also improves safety and reliability by capturing cooling tower plumes. For a single medium-sized power plant, this can result in over a hundred million gallons of water saved and millions of dollars in water cost savings per year. The company has already signed three contracts with industrial facilities across the US.
“Water is the lifeblood of our economy, yet today’s industrial consumption of water is no longer sustainable,” said Carmichael Roberts, Co-Founder and Managing Partner of Material Impact. “Industries are recognizing that they need to find ways of becoming less dependent on municipal sources. Infinite Cooling’s ingenious water recycling technology is the answer to the industrial sector’s water crisis, and we are already seeing the company make tremendous commercial progress with multinational companies seeking to reduce their water footprint. We are thrilled to be working closely with Infinite Cooling’s management team to achieve our shared vision of fundamentally changing the way industrial cooling is performed, for the benefit of business and our planet.”
In the US alone, close to two trillion gallons of freshwater are consumed annually in cooling towers, representing around 85 percent of all residential water consumption. Globally $30 billion is spent annually on water for cooling. Infinite Cooling was co-founded by Maher Damak, Ph.D, Karim Khalil, Ph.D, and Professor Kripa Varanasi to mitigate water scarcity by cutting water losses in the most water intensive industries. It originated in the renowned lab of Prof. Varanasi at the Massachusetts Institute of Technology (MIT).
“Power plants, data centers, refineries, and manufacturers are working with us to apply our retrofittable technology to their cooling towers,” said Kripa Varanasi, Infinite Cooling’s Co-Founder, Chairman and MIT Professor. “The huge water consumption of cooling towers has been a widespread industrial problem, and we have developed the first technology that can significantly reduce evaporative losses and reduce costs for industrial facilities.”
“We are ecstatic to continue working with the Material Impact team who shares our vision of sustainable and efficient industrial processes,” said Maher Damak, Ph.D, Co-Founder and CEO of Infinite Cooling. “Together, we have ambitious goals of scaling up our technology and having a profound impact on global water access and availability.”
About Infinite Cooling
Infinite Cooling’s mission is simple: to change the way industries around the world consume freshwater. Its WaterPanel™ technology helps power plants and other industrial processes reduce their water consumption and water treatment costs by recovering water from their cooling tower exhaust. Developed at MIT, Infinite Cooling’s technology uses electric fields to capture water from the plumes leaving cooling towers. The company is a mission-driven and growing startup based in Somerville, Massachusetts focused on becoming a global technology leader in industrial water applications. Co-founded by Maher Damak, Ph.D, Karim Khalil, Ph.D and Professor Kripa Varanasi, Infinite Cooling has won the MIT $100K, MassChallenge, the DOE National Cleantech Competition and several federal grants from DOE and NSF.
About Material Impact
Material Impact is a venture capital fund that invests in building companies which transform material technologies into products that make an impact on real world problems. Material Impact is headquartered in Boston, Massachusetts. For more information, please visit http://www.materialimpact.com.
To learn more about Infinite Cooling visit http://infinite-cooling.com
444 Somerville Ave Somerville, MA | 02143
