Phase Change Energy Solutions, Inc., an Asheboro, North Carolina-based thermal storage technology provider, received an investment of undisclosed amount.
– Pegasus Capital Advisors, L.P.,
– Emerald Technology Ventures, and
– Third Prime, an early-stage venture fund and prior investor.
The company will use the proceeds to fund the continued development of its environmentally-friendly energy efficiency and thermal storage product suite and further expand its operations globally, notably with the opening of an Innovation Center for research and development efforts in Greensboro, N.C.
Led by newly named CEO Dennis McGill, Phase Change Energy Solutions is a global leader in the development and deployment of next generation energy efficiency and thermal storage solutions. Developed by Dr. Reyad Sawafta, now CSO, PCES’ proprietary BioPCM® is a 100% plant-based material that absorbs excess heat when ambient temperature exceeds a specified target temperature, and conversely releases heat when ambient temperature drops below the target. BioPCM®, which can maintain its thermal performance for over 100 years, is used to create a system that stabilizes temperature around the clock for the duration of a building’s useful life, reducing HVAC equipment run-time and energy consumption in buildings and providing enhanced thermal storage capabilities for durable and resilient data center and industrial applications.
PCES’ products deliver day-one savings and compelling payback periods to businesses that are looking for sustainable energy-saving solutions that meaningfully reduce their carbon footprint and deliver high Return on Investment.
To date, PCES’ products have been installed in thousands of bank branches and telecom shelters across the Unites States, and have been adopted by pharmaceutical and perishable food providers to ensure the safe transport and delivery of their products.