SkyCool Systems, a pioneering company in sustainable cooling technologies, has successfully raised $5.0 million in a seed financing round aimed at scaling deployments of its innovative technology. The funding round was led by Nadel and Gussman Ventures, with participation from D3 Jubilee Partners and several other private and institutional investors.
The investment will enable the company to further develop and commercialize its groundbreaking radiative cooling technology.
In conjunction with the funding announcement, SkyCool Systems has appointed Arjun Saroya as its new Chief Executive Officer (CEO). Arjun brings with him two decades of experience in leadership roles within the clean energy sector. His previous role as Executive Vice President of Innovation at Lime Energy involved contributing to the growth of an energy efficiency solutions provider for commercial businesses and utility programs.
The $5.0 million seed financing marks a significant milestone for SkyCool Systems as it transitions from commercial pilots to broader deployments of its patented radiative cooling technology. This technology is capable of cooling objects using the lower temperatures of the earth’s upper atmosphere, requiring no input energy.
SkyCool’s cooling solutions include panel-based products that enhance the efficiency of refrigeration and air conditioning systems, operating around the clock. The company is currently focused on deploying these panels in various settings, including grocery stores, refrigerated warehouses, and data centers.
SkyCool also offers direct film products that passively cool buildings, shade structures, and transportation systems. These films are particularly impactful in regions where heat stress poses health risks, such as low-income communities and emerging economies. Both product lines utilize radiative cooling technology to reduce surface temperatures by emitting heat into the cold sky.
In addition to equity financing, SkyCool Systems has received support from organizations such as ARPA-E’s SCALEUP program, the California Energy Commission, and New Energy Nexus. With this combined support, the company aims to expand its projects with major grocery chains, manufacturing companies, logistics providers, and government facilities.
Arjun Saroya expressed his enthusiasm about joining SkyCool Systems, highlighting the company’s potential to make a substantial impact on energy consumption and mitigate the effects of climate change. The company’s co-founders, Eli Goldstein and Aaswath Raman, will continue to play important roles in driving innovation and maintaining technical leadership within the company.
Johannes Douma of Nadel and Gussman Ventures emphasized the importance of SkyCool’s passive cooling technology in addressing global energy demand and thermal stresses caused by climate change. The investment and new leadership will support the company’s growth while contributing to sustainable solutions for cooling needs.