Energy & Sustainability Client Feature — August 2023

By Thomas R. Burton, III, Sahir Surmeli

Aeroseal Secures $67 Million in Series B Funding

This month, we are excited to feature Aeroseal, a climate-tech company offering a patented and innovative solution that reduces energy leaks in buildings. Aeroseal recently closed a remarkable Series B funding round, securing $67 million in capital. The deal was led by Breakthrough Energy Ventures and Climate Investment, with backing from existing investors and new investors, Beazer Homes and Aramco Ventures.

This funding round reflects investors’ confidence in Aeroseal’s industry-leading technology and the growing importance of energy-efficient solutions in the construction and building industry. The impact of Aeroseal’s technology is already immediate, as studies show that it is 50% more effective at sealing duct leaks than traditional methods,[1] and it can potentially reduce labor time and costs for duct sealing by 70%.[2]

Aeroseal’s technology not only provides a more cost-efficient and climate-friendly alternative to traditional methods but also poses an incredible investment opportunity. Amit Gupta, Aeroseal’s CEO, says that the company expects momentum to continue with increased demand for healthier energy-efficient spaces. It is anticipated that with this latest round of funding, the company will be able to continue to pursue its vision of providing next-generation, easy-to-use duct sealing systems on every HVAC system across the world. Gupta says this funding comes at a critical juncture for Aeroseal’s fight against climate change. The company hopes to provide soon a next-generation envelope-sealing system to help builders construct ENERGY STAR or Net Zero homes. Aeroseal’s technology is vital to the future of green energy, and the company’s total impact has yet to be realized.[3]

 

[1] Ternes, Mark & Hwang, Ho-Ling, Field Test of Advanced Duct-Sealing Technologies Within the Weatherization Assistance Program, Oak Ridge National Laboratory, Oak Ridge, Tennessee, November 2001.
[2] Ibid.
[3] Aeroseal, “Aeroseal Secures $67 Million in Series B Funding,” Press Release, July 20, 2023.

 

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    Energy & Sustainability Connections Newsletter — August 2023

    August 29, 2023| Article|

    Authors

    Thomas R. Burton, III

    Member / Chair, Energy & Sustainability Practice

    Tom Burton has helped to shape the clean energy industry by drawing on his passion for innovation. As a Mintz attorney, Tom counsels investors, entrepreneurs, and Fortune 100 companies. He also guides start-up organizations and accelerators to foster the next generation of energy leaders.

    Sahir Surmeli

    Member / Co-chair, Energy & Sustainability Practice

    Sahir Surmeli is a Mintz business counselor who advises companies, boards, entrepreneurs, investment banks, and venture and private equity investors as they build and grow companies. He handles public offerings, 144A and private financings, acquisitions, joint ventures, and strategic partnerships.