Pioneering foundations and impact investors back refrigeration company for large-scale social impact
BOSTON, July 20, 2017 (GLOBE NEWSWIRE) — Rebound Technologies, a Denver-based startup developing a novel refrigeration technology that will dramatically reduce energy consumption for one of the world’s largest and fastest growing electricity end-uses, has closed its $1.2M seed round with support from PRIME Coalition, Closed Loop Ventures, and Investors’ Circle. PRIME Coalition participants in the round included the K2 Wind Foundation, The Casey and Family Foundation, Incite Labs, four anonymous investors, and The Elizabeth R. & William J. Patterson Foundation, a member of Arabella Advisors’ Good Food Ventures. In addition to support from the private syndicate of investors, Rebound was supported by a state grant from the Advanced Industries Accelerator program, an initiative of the Colorado Office of Economic Development and International Trade.
PRIME Coalition is a public charity that facilitates grants, recoverable grants, and program-related investments into breakthrough energy technology companies. Start-ups like Rebound that are supported by PRIME promise large-scale climate impact, are attractive to commercial investors, and well-fit for charitable support. Since 2015, PRIME has unlocked more than $15 million of charitable and commercial co-investment capital, involving 27 first-time philanthropic investors and 15 first-time climate investors.
John Wallington, a Director of the Boulder, CO-based K2 Wind Foundation, is likewise part of the Senior Management team of UPC Renewables, a global developer of renewable energy projects. John explains that “our commercial business is directly related to energy supply and demand, and we deeply appreciate the business potential for Rebound’s refrigeration efficiency solution. We also understand the societal need to continually fill our innovation pipeline with promising solutions and we are thrilled to support Rebound with a recoverable grant to PRIME, which was a first-of-a-kind transaction for our foundation.”
Rebound Technologies is deploying a freeze point suppression cooling cycle that targets the most critical part of the cold chain: refrigeration. Many of the products and foods we use daily – ranging from agricultural products like meats and fruits to pharmaceuticals – are produced across the globe and then transported through the “cold chain,” an uninterrupted series of storage and distribution activities which maintain a specific cold temperature range. The cold chain is a critical component of the global economy: Cooling, in its various forms, accounts for roughly 17% of all electricity consumption globally, and is growing rapidly as demand for refrigerated and frozen foods skyrockets around the globe.
“Rebound’s refrigeration cycle promises 40% higher efficiency than what we have in the field today, while also providing bursts of on-demand, high capacity cooling. The company will begin with deployments at cold storage warehouses and food processing facilities in partnership with Lineage Logistics,” explains Matthew Nordan, Chairman of PRIME’s Investment Committee. “PRIME’s year-long diligence process with Rebound revealed an opportunity not only for large-scale commercial success, but massive energy savings and global greenhouse gas reductions.”
Kevin Davis, Rebound’s CEO, commented that “the combination of investment from PRIME’s donor-advised funds, foundations, and corporate donors alongside impact-minded angels at Investors’ Circle, commercial investment from Closed Loop Ventures, and public support from the Colorado state government will be instrumental to Rebound’s continued success.”
About PRIME Coalition:
PRIME Coalition is a 501(c)(3) public charity based in Cambridge, MA whose mission is to empower philanthropists to place charitable capital into market-based solutions to climate change. Learn more at primecoalition.org.
Executive Director, PRIME Coalition