NEW YORK, Oct. 26 /PRNewswire/ -- NewWorld Capital Group today announced a strategic investment in Coolerado Corporation, a manufacturer of super-energy-efficient air conditioning systems for commercial and residential applications.
Electrical energy costs associated with commercial air conditioning exceed $45 billion in the United States alone, representing more than a third of total electricity consumed in these buildings. Coolerado products can achieve electricity savings of up to 90% compared to conventional air conditioning systems, thus bringing significant bottom line savings to its customers. Its products are highly reliable and virtually maintenance free.
In light of rapidly growing demand for energy-saving air conditioning, NewWorld's investment will enable Coolerado to expand its sales and product support capability in domestic and international markets, as well as increase and automate its production capacity.
NewWorld Capital will appoint three of the five members of Coolerado's board of directors. Spring Mountain Capital, LP (www.springmountaincapital.com) is the lead co-investor in the investment.
Coolerado co-founder Alan Gillan expressed his view on the investment: "We are delighted to have NewWorld Capital as a partner in our growth. Our company is confronting an enormous opportunity as demand for increased energy efficiency and reduced carbon emissions surges in countries around the world." Added Mike Luby, Coolerado's CEO, "The experience, skills and market access of the NewWorld team will be crucial as we drive to meet the rapidly-growing global demand for energy-efficient air conditioning."
Ali Iz, a Founding Partner of NewWorld Capital, noted: "We were deeply impressed with Coolerado's innovative commercial air conditioning products and the economic benefits they bring to customers. Coolerado's technology may be the biggest breakthrough in air conditioning technology in close to a century. We look forward to working with Mike and his team to achieve significant sales and earnings growth, as the company deploys its energy-saving products around the world to reduce the financial and environmental costs associated with air conditioning."
Founded in 2004, Coolerado designs, manufactures and markets super-energy-efficient air conditioning systems for light commercial and residential use, based on its proprietary, patented, and proven technology. Customer energy savings as much as 90% have been recorded with this cost-effective technology. Coolerado products are highly reliable and virtually maintenance-free and are currently operating in 21 countries around the world. The Company is headquartered in Denver, Colorado (www.coolerado.com).
About NewWorld Capital Group
NewWorld Capital Group is a leading private equity firm focused on investing in the environmental opportunities sector, principally in the United States and selectively in Europe. NewWorld makes growth equity and control investments in rapidly-growing smaller and mid-sized companies in clean energy, energy efficiency, waste-to-value, water reclamation and reuse, pollution abatement, sustainable/biodegradable materials, and related environmental services. The Firm does not accept technology risk and invests only when a productive partnership can be formed with company management. NewWorld was founded by a group of experienced investors and business builders from General Electric, Goldman Sachs, McKinsey and several private equity firms.
About Spring Mountain Capital
Founded in 2001, Spring Mountain Capital, LP is a private investment management firm that focuses on alternative asset investing and offers investors a wide range of strategies designed to produce attractive risk-adjusted returns. In partnership with its clients, the firm is a substantial investor in each of its strategies and provides a high degree of transparency and access to information on its investments (www.springmountaincapital.com).
Pellegrini & Mendoza LLP acted as special New York counsel to NewWorld Capital Group and Holland & Hart LLP acted as special counsel to Coolerado.
NewWorld Capital Group, LLC
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SOURCE NewWorld Capital Group