ASHEBORO, N.C.–(BUSINESS WIRE)–Phase Change Energy Solutions, Inc. (“PCES”), a North Carolina-based thermal storage technology provider announced today an investment by Pegasus Capital Advisors, L.P. (“Pegasus”), a private equity firm providing strategic growth capital to middle-market companies focused on the sustainability and wellness sectors, Emerald Technology Ventures, a pioneer and leader in industrial technology investments since 2000 (“Emerald”), and Third Prime, an early-stage venture fund and prior investor. Dennis McGill, one of Pegasus’ most seasoned operating advisors, is joining PCES as Chief Executive Officer. Mr. McGill brings his exceptional track record spanning over 35 years of financial and operational enterprise leadership and his ability to lead effectual change while developing a strong company commitment to culture and team members.
“PCES is poised to make a massive net-positive impact on our world through the proliferation of its environmentally-friendly energy-saving technologies. This investment is a significant example of Pegasus’ ongoing commitment to partner with businesses that are changing the energy landscape and making a positive impact on the environment,” says Gina McCarthy, former EPA administrator and a Pegasus Operating Advisor.
Developed by Dr. Reyad Sawafta, a globally recognized expert in the development and application of phase change materials (“PCMs”) and Chief Scientific Officer of PCES, PCES’ proprietary BioPCM® is a 100% plant-based material that absorbs excess heat when ambient temperature exceeds a specified target temperature, and conversely releases heat when ambient temperature drops below the target. BioPCM®, which can maintain its thermal performance for over 100 years, is used to create a system that stabilizes temperature around the clock for the duration of a building’s useful life, reducing HVAC equipment run-time and energy consumption in buildings and providing enhanced thermal storage capabilities for durable and resilient data center and industrial applications.
PCES’ products deliver day-one savings and compelling payback periods to businesses that are looking for sustainable energy-saving solutions that meaningfully reduce their carbon footprint and deliver high Return on Investment. To date, PCES’ products have been installed in thousands of bank branches and telecom shelters across the Unites States, and have been adopted by industry-leading pharmaceutical and perishable food providers to ensure the safe transport and delivery of their products.
“PCES is committed to environmental stewardship and has worked tirelessly to advance clean and sustainable thermal technologies throughout the business ecosystem,” said Mr. McGill, CEO of PCES. “The investment from Pegasus and Emerald positions us to accelerate the global expansion of the Company and marks a major step forward for the future of clean technology.”
“PCES has developed a game-changing technology that can meaningfully reduce energy consumption and waste in some of the world’s largest industries. Pegasus’ long history of collaboration with companies delivering innovative solutions to global challenges makes us an ideal partner for PCES, and we are excited to support the tremendous growth ahead,” says Joel Haney, Principal of Pegasus.
PCES will use the proceeds to fund the continued development of its environmentally-friendly energy efficiency and thermal storage product suite and further expand its operations globally, notably with the opening of an Innovation Center for research and development efforts in Greensboro, N.C. Terms of the transaction were not disclosed.
About Phase Change Energy Solutions
Phase Change Energy Solutions is a global leader in the development and deployment of next generation energy efficiency and thermal storage solutions that harness the power of BioPCM®, the company’s proprietary phase change material. PCES’ BioPCM products are used to improve whole-building energy efficiency in retail, commercial, hospitality and industrial applications; enable safe transport of sensitive food and pharmaceutical products; and provide enhanced thermal storage capabilities for industrial processes. Fortune 100 banking, telecom, hospitality and technology companies, as well as the U.S. government, have installed millions of square feet of BioPCM® products to reduce operating expenses and environmental impact. Learn more at www.phasechange.com.
About Pegasus Capital Advisors, L.P.
Pegasus Capital Advisors, L.P. is a private equity firm founded and led by Craig Cogut. Since inception in 1996, Pegasus has invested across five private equity funds and currently manages approximately $1.9 billion in assets. The Firm invests in companies within the sustainability and wellness sectors that are seeking strategic growth capital. www.pcalp.com
About Emerald Technology Ventures AG
Emerald is a globally recognized investment firm in the areas of energy, water, advanced materials and industrial IT. Founded in 2000, the company has raised four Venture Capital Funds, completed more than 60 venture investments, been a trusted partner for numerous multi-national corporations in their open innovation activities and managed three technology investment programs for third parties. From offices in Zurich, Switzerland and Toronto, Canada, Emerald has managed assets of over USD 660 million to date. www.emerald-ventures.com
About Third Prime
Third Prime is a seed-stage venture capital firm with offices in New York City and Charleston, SC. Third Prime provides financial and strategic support across industry sectors to mission-driven teams that aim to solve important problems to the benefit of all stakeholders.