Boston, MA — March 6, 2012 — 7AC Technologies Inc., Woburn, MA, announces the completion of a $2.3M Series-A investment round led by the Massachusetts Clean Energy Center (MassCEC).
“We are delighted to announce this significant investment milestone which adds MassCEC to our existing investors CEVG and 1and12 Ventures” said Peter Vandermeulen, CEO and Founder of 7AC Technologies. “MassCEC’s involvement signals a strong vote of confidence in our technology and will enable us to execute the next phase of our commercialization plans which includes our first rooftop installations in the summer of 2012.”
“7AC is one of nearly 5,000 clean energy companies that make up the Commonwealth’s vibrant and growing clean energy sector,” said MassCEC Chief Executive Officer Patrick Cloney. “Through these early-stage investments in the development and commercialization of clean energy and energy efficiency technologies, MassCEC can help high-potential clean energy companies establish themselves in Massachusetts, which in turn attracts and retains critical talent, while bringing in other clean energy companies that are essential to the growth of Massachusetts’ clean energy cluster.”
“7AC Technologies epitomizes the type of innovative CleanTech startups that have made Massachusetts their home” said Arif Padaria, the Managing Director of Investments at theMassCEC. “Having observed firsthand the impressive progress that 7AC has made towards bringing their highly disruptive technology to market we are delighted to be the lead investors in their Series-A round. Our participation will enable 7AC to grow their business and tap into the broad talent pool of people and suppliers that exists here in Massachusetts.”
About 7AC Technologies
7AC Technologies develops ultra high efficiency air conditioning systems that use up to 75% less electricity compared to conventional HVAC technologies. Our liquid desiccant and plastic membrane plate based air conditioning system is designed to be a drop in replacement for existing rooftop HVAC systems on commercial and industrial buildings.
Created by the Green Jobs Act of 2008, the Massachusetts Clean Energy Center (MassCEC) is dedicated to accelerating the success of clean energy technologies, companies and projects in the Commonwealth—while creating high-quality jobs and long-term economic growth for the people of Massachusetts. MassCEC is a partner, clearinghouse and connector for people in the clean energy sector, making direct investments in clean energy companies, building a strong clean energy workforce, and supporting responsibly sited renewable energy projects across the Commonwealth. MassCEC works with the entire clean energy community in Massachusetts to propel promising technologies from the drawing board to the global marketplace.
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