EMN company Stone Mountain Technologies closes multi-million dollar Round-A investment

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.

EMN company Stone Mountain Technologies Inc. awarded DOE BENEFIT funding award

The Building Technologies Office (BTO) announced it is investing up to $15.8 million in 13 projects, including EMN Company Stone Mountain Technologies Inc.’s HVAC&R project, that will drive innovation in early-stage research and development for advanced building technologies.

These innovations will serve as a foundation for future technological developments and reductions in building energy consumption. DOE has said the outcomes and advancements of the selected technologies will ultimately result in improving the efficiency of our nation’s buildings and will help Americans save energy.

The Building Energy Efficiency Frontiers & Innovation Technologies (BENEFIT FOA) awards this year span the building technology innovation spectrum, from novel materials exploration that will lead to more efficient insulation and windows, to exploration and validation of both electric- and fuel-driven hybrid vapor compression technologies for more efficient heating, ventilation, air conditioning, and refrigeration (HVAC&R), as well as advanced control algorithms, modeling, and analytics for reducing the power consumption of miscellaneous electric loads (MELs).

Stone Mountain Technologies Inc. will validate and analyze a gas-fired absorption heat pump that uses an ammonia-water absorption cycle.

SMTI is a leading developer of cost effective, next generation heating technologies using sorption heat pump cycles. The company’s “thermal compressor” products enable a major leap forward in the way homes, businesses, and water are heated, reducing energy costs, improving comfort, and lowering CO2 emissions.

TAEBC is currently accepting applications from Tennessee advanced energy companies to apply for the Energy Mentor Network program. If you are interested in this opportunity, please visit the “For Startups” section of the Energy Mentor Network portion of TAEBC’s website.