Energy Mentor Network company Stone Mountain Technologies Inc. (SMTI) has closed on a Round-A investment vehicle with a strategic investor.
The multi-million dollar capital infusion will allow SMTI to increase development velocity of its ultra-high efficiency space and water heating technology, supplementing the recently announced $2.7 million grant from the US Department of Energy.
“In addition to the capital investment, our new strategic partner brings high volume and quality HVAC component manufacturing expertise to the table, which will smooth our transition from R&D to manufacturing over the next 24 to 30 months,” said Michael Garrabrant, President & CEO of SMTI. “We have a shared vision the technology under development at SMTI will be a major player in the global space and water heating market in the near future.”
Stone Mountain Technologies, based in Johnson City, Tennessee, is an early-stage venture developing the next generation of high efficiency heating appliances for homes and businesses. SMTI’s technology, based on its gas absorption thermodynamic cycle, can be harnessed across a wide variety of applications, including space, water, and pool heating.
SMTI is developing partnerships with original equipment manufacturers that sell heating appliances such as furnaces, boilers, and water heaters. SMTI will manufacture its core enabling technology in Tennessee. This enables OEMs around the world to offer customized appliances to their customers with total fuel efficiencies of approximately 140% and outstanding economics.