Published by Todd Bush on March 20, 2023
XNRGY to enable more mission critical customers with cutting edge HVAC equipment
Funding co-led by Canadian institutional investors, MKB and Idealist Capital
MONTREAL, March 20, 2023 /PRNewswire/ - XNRGY Climate Systems ("XNRGY"), a leader in the design and manufacturing of energy efficient commercial HVAC systems, today announced the close of a substantial growth capital raise co-led by MacKinnon, Bennett & Co. ("MKB"), a specialized growth equity firm focused on the energy transition, and Idealist Capital, a private growth capital fund focused on the energy transition and decarbonization sectors.
XNRGY's Arizona Facility Office Design (CNW Group/XNRGY Climate Systems ULC)
>> In Other News: Yamaha Motor Continues Commitment to Reduce Carbon Footprint with Investment in Andes, a CO2 Removal Biotechnology Startup
Led by industry pioneers with decades of combined working experience, X_NRGY is on a mission to reduce the carbon footprint of commercial buildings through its high-performance HVAC systems that are designed to increase energy efficiency, reduce energy costs, and provide superior indoor air quality to mission critical customers_ such as hospitals, clean rooms, educational institutions and data centers.
This funding will enable XNRGY to expand its current facility in Montreal, Canada by 100,000 square feet of production capacity and replicate a new facility in Mesa, Arizona with 250,000 square feet production capacity. These state-of-the-art manufacturing facilities will accelerate the ability of its world-class team and technology to meet the rapidly growing demand of its customers spanning coast to coast.
"XNRGY is at the forefront of climate technology and this latest substantial investment by prominent institutional investors backed by leading Canadian sovereign and financial institutions, is a testament to how XNRGY will continue to deliver on our client's net zero and energy savings goals. We're pleased to work closely together with investors MKB and Idealist Capital on this exciting road ahead," said Wais Jalali, the Founder, Chairman and Chief Executive Officer of XNRGY.
Ken MacKinnon, Co-Founder, and Managing Partner of MKB said, "XNRGY brings cutting-edge technology solutions to an industry that has traditionally been slow to innovate at a critical time when reduction of energy consumption in buildings is becoming an urgent priority. With its expansion plans in motion, XNRGY is well-positioned to execute on its mission to enable customers to lower their carbon footprint".
"We're tremendously impressed with XNRGY's approach to decarbonizing HVAC, their superior, world-class climate technology and their leadership team. We're proud to support XNRGY as they scale their business and generate a positive climate impact for their clients," said Pierre Larochelle, Co-Managing Partner at Idealist Capital.
XNRGY is a privately held climate technology company that designs, engineers, and manufactures sophisticated, sustainable innovative solutions focused on reducing carbon footprint, water usage and energy consumption. Key products include large custom refrigeration and chilled water air handling units, vertical and horizontal CRAC and CRAH units up to 600 kW, clean room systems, energy recovery systems, low dewpoint EV manufacturing units, and factory installed turnkey controls platform. XNRGY uses BIM/CFD to prevent transient performance failures in mission-critical facilities. XNRGY looks at iso vectors and pressure distribution to design the most efficient systems for clients. This contributes to lower KW while delivering the maximum air to the buildings as well as adding to LEED and NET ZERO initiatives (Paris Climate Accord). To learn more about XNRGY, visit www.xnrgy.com
MKB is a North American private investment firm that specializes in providing growth equity to companies driving innovation in the energy, transportation, climate tech, food and ag and related sectors. MKB takes significant minority positions in its portfolio companies and proactively assists management teams in reaching their full potential. To learn more about MKB, visit www.mkbandco.com
About Idealist Capital
Idealist Capital is an investment firm focused on accelerating the energy transition by providing growth capital to entrepreneurs across North America, with a primary focus on the Canadian market. Idealist Capital supports businesses whose activities enable positive climate impact across one of three themes – (i) the decarbonization of power supply, (ii) the electrification of transportation, and (iii) the decarbonization of industrials and circular economy. The Firm has a dual mandate to achieve excellent risk-adjusted returns while scaling solutions which are beneficial to the climate. Idealist Capital underwrites its carbon impact and integrates critical non-financial KPIs in its asset management process to build sustainable platforms. To learn more about Idealist Capital, visit Idealist.Capital.
SOURCE XNRGY Climate Systems ULC
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside this Issue 💰 Cabot Corporation and Partners Selected for $5M in U.S. Department of Energy Grant to Support Continued Advancement of Global Hydrogen Economy ☀️ Eversource Energy Announces Ex...
Inside this Issue 🚌 Ballard Announces Orders for 70 Hydrogen Fuel Cell Engines for Delivery to Wrightbus in 2024 🏭 FuelPositive Announces Completion of Factory Acceptance Testing and Shipping of F...
Inside this Issue ⛽ Air Products Receives Funding to Build Two Large-Scale Hydrogen Refueling Stations in the Region of North-Rhine Westphalia Nordrhein Westfalen ✍️ VINCI Signs a Strategic Partne...
_Grant will support development of innovative, scalable manufacturing processes for producing carbon catalyst supports for fuel cells_ April 18, 2024 09:00 AM Eastern Daylight Time BOSTON--[C...
New Jersey Natural Gas to Reduce Fleet Emissions with Neste MY Renewable Diesel
WALL, N.J.--Expanding on its sustainability leadership, [New Jersey Natural Gas](https://njng.com) (NJNG), the principal subsidiary of New Jersey Resources (NYSE: NJR), **announced it is switching ...
Eversource Energy Announces Execution of Definitive Agreement with Ørsted to Sell Sunrise Wind
BOSTON & HARTFORD, Conn.--[Eversource Energy](https://www.eversource.com) (NYSE: ES) (“Eversource”) today announced it has finalized definitive documents regarding its previously announced agreemen...
_Fourteen private sector and university-led projects will support sustainable industrial practices that deliver economic opportunities and a healthier climate for U.S. communities and workers_ *...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.