Founded in 2004, Coolerado designs, makes and sells patented, energy-efficient air conditioning systems that the company claims can save buyers up to 90% in electricity costs affiliated with air conditioning.
Coolerado coolers, in contrast to traditional air conditioners, do not re-circulate air, nor do they use chemical refrigerants or compressors. Coolerado air conditioners (as described in this demo video) instead use thermodynamics, and water as a fuel for cooling. Some Coolerado units can run on solar power.
The company has sold its technology to customers in 21 countries already. Amusingly, its website is run on solar power from data centers that are cooled by Coolerado units.
With this round of funding, NewWorld Capital appointed three directors to the company’s five-person board: Bradley Abelow, Carter Bales and Ali Iz.
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Authors: Lora Kolodny