Mojave Energy Systems has successfully raised $9.5 million in Series A funding to expand the market reach of its energy-efficient air conditioning systems. The funding round was led by Fifth Wall and At One Ventures, with participation from returning investors Myriad Venture Partners, Starshot Capital, Alumni Ventures Group, and new investor Earth Venture Capital. This latest funding brings the company’s total raised to $25.6 million.
The new capital will accelerate the adoption of Mojave’s ArctiDry, a liquid desiccant-based Dedicated Outdoor Air System (DOAS), which began shipping earlier this year. The funds will support sales and marketing efforts, new product launches, and ongoing Department of Energy (DOE) manufacturing scale-up projects.
Phil Farese, CEO of Mojave, commented on the funding:
“We are grateful for the ongoing support of our investors as we transition into this next phase, focused on accelerated adoption, product line expansion, and new market development. This latest round validates our market leadership and proven success in achieving unprecedented levels of energy efficiency with our liquid desiccant DOAS.”
Since its January 2024 launch, ArctiDry has been manufactured and shipped from Mojave’s South Carolina facility. The patented system boasts an ISMRE2 efficiency rating of up to 11 lbs/kWh, offering up to 50% electricity savings compared to traditional systems. Its ability to dehumidify air efficiently without overcooling makes it suitable for diverse commercial applications, including healthcare, education, and hospitality.
Investor Anastasia Istratova from Fifth Wall praised the technology:
“Mojave's ArctiDry is a no-brainer for buildings, allowing owner-operators to precisely meet temperature and humidity requirements while providing energy savings and lowering emissions.”
Mojave plans to expand its Sales Partner Network across the U.S. in 2025, building on the 19 partnerships established this year.
In winter 2024, Mojave will launch ArctiDry HP, which integrates liquid desiccant technology with a reversible heat pump. This innovation aims to provide zero-carbon operation and meet new regulatory efficiency standards.
The company is also advancing its DOE-backed project, conducting field tests across various building types to demonstrate ArctiDry's efficiency and reliability.
Dilip Goswami of At One Ventures highlighted Mojave’s environmental impact:
“Mojave has proven that its all-electric energy-saving liquid desiccant dehumidification cooling system is the greenest air conditioner on the market. We have great confidence in the Mojave team and their ability to make a difference for the planet by reducing HVAC energy consumption.”
Mojave Energy Systems continues to position itself as a leader in sustainable cooling solutions, driving energy efficiency and innovation in the HVAC sector.