Glacier Bay Announces $15 Million Series C Completion
Funding will drive ClimaCab sales and strategic new product initiatives
UNION CITY, California – (March 30, 2010) – Glacier Bay, Inc., a leader in intelligent power management technology, announced today that it has closed $15 million of Series C financing. The latest tranche was led by City Light Capital with participation from The Westly Group and New Enterprise Associates (NEA). The proceeds will be used to fund the growth of ClimaCab, an efficient climate control system for the trucking industry, and strategic new product initiatives.
ClimaCab is an all-electric auxiliary power unit (APU) climate control system for Class-8 trucks designed to provide air conditioning and heating during driver rest periods without idling the main truck engine. Unlike the current industry standard diesel-powered APUs, ClimaCab uses batteries to power its high-efficiency A/C. With Glacier Bay’s intelligent power management technology, the optimized system significantly reduces fuel costs and maintenance, eliminates noxious pollutants, and helps reduce costly jump starts.
Trucks with ClimaCab use over 3,000 gallons less fuel per year. The system reduces idle times up to 85%, meets increasingly stringent governmental “no idle” regulations, and decreases greenhouse gas emissions by approximately 40 tons per truck per year.
“Glacier Bay technology reduces fuel consumption in the transportation sector and helps address some of the leading macroeconomic and geopolitical issues facing the world today—energy security and independence, and climate change,” notes Bill Lyons, venture partner at City Light Capital.
Glacier Bay’s core energy management technology has also demonstrated the potential to reduce fossil fuel consumption in applications such as distributed power and remote generators.
“This is an exciting time of growth for Glacier Bay. Our products are providing immediate operating savings during these challenging economic times while simultaneously helping the planet by reducing greenhouse gases. This additional capital will go towards expanding ClimaCab sales and creating innovative new products that use our technology,” comments Marc Hoffman, CEO of Glacier Bay.
Glacier Bay’s venture capital partners agree the company is poised for success. NEA general partner Mark Perry says, “In addition to the significant opportunities for ClimaCab, as evidenced by this new investment by City Light, the company’s innovative core technologies can serve as a platform for developing a broad range of new energy-efficient products. NEA believes Glacier Bay has a substantial opportunity to become a leader in this emerging product arena.”
“We believe City Light will bring a differentiated perspective and help maximize the environmental impact that Glacier Bay will deliver via ClimaCab and future products,” says Mike Dorsey of The Westly Group.
Tom Groos, partner at City Light Capital states, “The investment in Glacier Bay represents a perfect fit to City Light’s focus on efficiency, conservation, and carbon emission reductions in our Energy and Environmental sector.”
About Glacier Bay, Inc.
Glacier Bay Inc. is an internationally recognized leader in advanced energy technologies, known for designing and manufacturing groundbreaking intelligent power management systems. Glacier Bay provides innovative, high efficiency, state-of-the-art refrigeration and power management products across a wide range of industries and applications. More information can be found at: www.glacierbay.com.
About City Light Capital
City Light Capital is a venture capital firm seeking market‐based solutions to major social problems. City Light invests in early stage, for‐profit businesses that create solutions in Safety and Security, Education and Information Services, and Energy and the Environment. The firm is headquartered in New York, NY. For more information, visit www.citylightcap.com.
About The Westly Group
The Westly Group, based in Menlo Park, CA, invests in growth-stage clean tech companies in an effort to accelerate the clean technology revolution. With extensive operating experience in the private and public sectors, the firm leverages its partners’ backgrounds to accelerate portfolio company growth. To learn more, visit www.westlygroup.com.
About New Enterprise Associates (NEA)
New Enterprise Associates, Inc. (NEA) is a leading venture capital and growth equity firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $11 billion in committed capital, NEA invests in information technology, healthcare and energy technology companies at all stages in a company’s lifecycle, from seed stage through IPO. For additional information, visit www.nea.com.
