Commercializing graphene oxide composite membranes to reduce industrial energy consumption and associated GHGs
Did you know that cooling solutions are warming the world? One Ontario company is working to change that by commercializing advanced material manufacturing. Evercloak’s game-changing technology will change how buildings are cooled by improving indoor air control and comfort without further warming the planet.
Worldwide, air conditioning accounts for 10% of current electricity consumption and associated greenhouse gas (GHG) emissions. This is expected to triple by 2050. Evercloak’s refrigerant-free dehumidification systems, powered by their proprietary graphene oxide composite membrane technology, can improve building cooling efficiency by up to 50%. This has significant implications, as large air-cooling systems in buildings account for 40% of global GHG emissions and significant energy costs. By leveraging expertise in membrane manufacturing scale-up, Evercloak’s solution is adaptable to a variety of building types, with an initial focus on industrial dehumidification applications.
Bioindustrial Innovation Canada (BIC) was first introduced to Evercloak in 2022 as an advanced materials innovation spin-out from the University of Waterloo. BIC’s introduction to Evercloak was at the request of a national venture capital investor looking for technical due diligence support. The introduction was serendipitous as Evercloak’s novel technology was a perfect fit for BIC’s Sustainable Chemistry Alliance (SCA) fund. BIC’s due diligence has led to multiple investments in Evercloak including two investments through SCA.
BIC’s first investment was centred around the validation and initial scaling of Evercloak’s proprietary graphene oxide membrane technology and scaling it beyond the bench. BIC participated in Evercloak’s oversubscribed $2M Seed round. With this investment, Evercloak funded further membrane manufacturing scale-up activities and broadened the commercial team to support a path to commercialization. With additional, non-dilutive grant funding, Evercloak further integrated its membrane technology into a dehumidification solution, built a number of pilot units, and collected performance data showcasing the breakthrough advantage of the technology.
BIC made its second investment in Evercloak as part of a Seed II round, aimed at funding the design of a commercial membrane-based dehumidification product, establishing strategic partnerships for commercial demonstration units, and ultimately securing purchase orders.
As a result of its initial due diligence efforts, BIC identified potential barriers to commercialization and provided technical support for the company through its Centre for Commercialization of Sustainable Chemistry Innovation (COMM SCI). This COMM SCI project was focused on scaling the company’s membrane technology through key strategic partnerships, allowing Evercloak to accelerate its path to revenue and product launch.
As an early-stage innovative green chemistry technology, Evercloak has leveraged critical investment, strategic business advice, and technical services and support from BIC’s highly skilled team. Together, BIC and Evercloak have worked to move Evercloak’s innovative technology from bench, to pilot, to commercialization success.
BIC has been able to support companies and accomplish some amazing results with Government of Canada funding, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), to support green, clean and sustainable technology companies, like Evercloak, by providing strategic investment to early-stage companies through its Sustainable Chemistry Alliance fund and critical advice, and technical services and support through its COMM SCI program.
For more information please contact:
Meaghan Seagrave Fiona McDonald
Executive Director Marketing and Communications Manager
Bioindustrial Innovation Canada Bioindustrial Innovation Canada
Email: mseagrave@bincanada.ca Email: fmcdonald@bincanada.ca
About Evercloak
Evercloak is revolutionizing how buildings are cooled. As an award-winning start-up, our aim is to improve indoor air comfort without further warming the planet. Our refrigerant-free dehumidification systems, powered by Evercloak's graphene-oxide proprietary membrane technology, can improve building cooling efficiency by up to 50%. We are a winner of the NRCan Breakthrough Energy Solutions Canada program and the NYSERDA PON 3519 NextGen HVAC Innovation Challenges, which includes funding to accelerate our technology development. Evercloak is actively partnering with HVAC manufacturers to rapidly deploy our systems globally. Join us in shaping a cooler, greener future. To learn more, please visit https://www.evercloak.com/.
About Bioindustrial Innovation Canada (BIC)
Bioindustrial Innovation Canada (BIC) is a nationally focused not-for-profit business accelerator that provides critical strategic investment, advice, and services to business developers of clean, green, and sustainable technologies.
BIC focuses on critical strategic capital investment in SMEs with compelling business plans where innovation in science and engineering can bring about major advances in sustainable chemistry. Sustainable chemistry is playing an important role in the development of solutions to the impacts of climate change, peak oil, energy security, the need for safe water and the use of scarce natural resources. The increasing global demand for green and safer products offers the opportunity to create thousands of new jobs for Canadians.
For more information about Bioindustrial Innovation Canada (BIC), visit www.bincanada.ca or connect directly with Executive Director, Meaghan Seagrave: mseagrave@bincanada.ca; www.linkedin.com/in/meaghanseagrave.
About FedDev Ontario
For 15 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our investment profiles, our Southern Ontario Spotlight, and FedDev Ontario’s X, Facebook, Instagram and LinkedIn.