SkyCool Systems Inc. Secures $5.0M Seed Financing Round Led by Nadel and Gussman Ventures; Arjun Saroya Appointed CEO

MOUNTAIN VIEW, Calif., Aug. 9, 2023 /PRNewswire/ -- SkyCool Systems Inc., a leading innovator of sustainable cooling technologies raises $5.0 million to scale deployments of its unique technology that can cool objects with no input energy, using the cool temperatures of earth's upper atmosphere. The seed financing round was led by Nadel and Gussman Ventures, with support from D3 Jubilee Partners and several prominent private and institutional investors.

Along with its fundraise, SkyCool announces Arjun Saroya as its new Chief Executive Officer (CEO). Arjun has 20 years of experience leading engineering, product, business, and corporate development, within the clean energy sector. As Executive Vice President of Innovation at Lime Energy, he helped build a $140 million a year industry leader in energy efficiency solutions for commercial businesses and utility programs.

The $5.0 million seed financing round marks a significant milestone for SkyCool as it transitions from commercial pilots to scaled deployments of its patented radiative cooling technology. The financing will accelerate the development and commercialization of SkyCool's groundbreaking panel and film products.

SkyCool's panel-based cooling product improves the efficiency of refrigeration and air conditioning systems, 24 hours a day. The company is currently focused on deploying panels with grocery stores, refrigerated warehouses, data centers, and other buildings with persistent cooling loads.

SkyCool's direct film products passively cool buildings, shade structures, and transportation systems. The film is especially impactful in applications where heat stress is threatening lives –  including low income communities and emerging economies. Both product lines utilize radiative cooling technology, which sends heat to the cold sky and reduces the temperature of any surface to which it's applied.

In addition to equity financing, the company has received generous grant support from ARPA-E's SCALEUP program, the California Energy Commission and New Energy Nexus. With assistance from these agencies, and the new funding round, the company will continue to add to its installed base of projects with some of the world's largest grocery chains, manufacturing and logistics companies, and government facilities.

"It's rare to come across a practical, scalable technology and team that is ready for mass adoption - one that can not only make an impact on major energy use sectors of our economy, but also save lives in regions under extreme heat stress. I'm thrilled and honored to be able to lend my experience and time to furthering SkyCool's mission," said Arjun Saroya, on joining the team.

Eli Goldstein, the co-founder of SkyCool, will assume the role of CTO, leveraging his extensive technical expertise to drive innovation and maintain the company's technology leadership. Co-founder Aaswath Raman, now Associate Professor of Materials Science and Engineering at UCLA, will continue to lead SkyCool's Technical Advisory Board.

Johannes Douma of Nadel and Gussman, who will join the company's Board of Directors, also commented on the investment, saying: "rising global temperatures and growing populations are leading to larger energy demand used for cooling. SkyCool's scalable, and most importantly, passive cooling technology can make a significant impact to reduce global energy demand. SkyCool has demonstrated a clear value proposition across multiple applications from refrigeration in grocery stores and data centers to direct film applications. We look forward to working closely with SkyCool's talented management team and leveraging our operational and energy sector experience to help the company grow while addressing the thermal stresses from climate change."

About SkyCool Systems Inc.
SkyCool Systems Inc is a cooling technology company focused on reducing energy use and improving comfort. SkyCool has two product lines: a thin film which can be applied to outdoor sky-facing surfaces and a panel product used to passively cool fluids. The thin film product, when applied to a roof, can keep it cooler than the ambient temperature, even under direct sunlight. The panel product can significantly improve the energy efficiency of commercial AC and refrigeration equipment 24/7. For additional information about SkyCool, please visit www.skycoolsystems.com.

About Nadel and Gussman Ventures
Nadel and Gussman was formed in 1940 by Isadore Nadel and his son-in-law, Herb Gussman.   Headquartered in Tulsa Oklahoma, the company has focused on oil and gas exploration and production for over 8 decades and is currently managed by Steve Heyman and Jim Adelson representing the third and fourth generations of the family.  Nadel and Gussman Ventures was formed in 2021 to focus on investing in companies that are creating sustainable energy technology to reduce the fossil fuel impact on our planet.

About D3 Jubilee Partners
Established in 2011, D3 Jubilee Partners ("D3") is an impact venture capital firm based in Seoul Korea and Silicon Valley. The company invests in innovative solutions and tech ventures for mitigating climate change and other big world problems. D3 also convenes impact investor conferences such as "Asia Impact Nights", to uncover the enormous potential of Asia connecting with the global impact investing community. D3 made its first investment into SkyCool in 2019 and is participating in this round through a fund backed by Korea's Ministry of Environment and SK EcoPlant.

SOURCE SkyCool Systems