Mojave Energy Systems, a company founded to change the nature of air conditioning, today announced that it has raised $9.5 million in Series A funding. The Series A funding round was led by existing investors Fifth Wall and At One Ventures, with participation from returning investors Myriad Venture Partners, Starshot Capital, Alumni Ventures Group, and new investor Earth Venture Capital.
The new funding will be used to accelerate the adoption of Mojave’s groundbreaking Dedicated Outdoor Air System (DOAS) solution ArctiDry – which sets new a new standard for energy efficiency and started shipping earlier this year. This funding round will support the company’s sales and marketing expansion, new ArctiDry product launches, electrochemical regeneration research, and the completion of its Department of Energy manufacturing scale-up efforts. This latest funding round brings Mojave’s total funding to $25.6 million.
Over the past year, Mojave signed 19 firms to its Sales Partner Network, actively representing Mojave ArctiDry in their regions. And Mojave will continue to expand coverage across the U.S. in 2025. The company launched the ArctiDry in January 2024, manufacturing and shipping units from its Anderson, South Carolina facility to customer sites.
ArctiDry is an easy-to-install liquid desiccant HVAC system with ISMRE2 efficiency rating of up to 11 lbs/kWh that dramatically lowers electricity consumption by up to 50%. And its ability to efficiently dehumidify the air without overcooling makes it ideal for many commercial building applications such as healthcare, education, hospitality, manufacturing, and more.
Along with accelerating the adoption of ArctiDry, Mojave is focused on developing the next generation of its advanced technology. This winter, Mojave will launch ArctiDry HP, making it the first company to integrate liquid desiccant with a reversible heat pump. And meeting new state regulatory requirements for energy efficiency, the integration will enable electricity savings and zero-carbon wintertime operation.
Mojave has already started the phase two execution of its Department of Energy project to demonstrate the energy efficiency and reliability of ArctiDry in the field on a variety of building types and applications. This project includes additional field tests based on Mojave’s previous field tests that began in 2022.
KEY QUOTES:
“We are grateful for the ongoing support of our investors as we transition into this next phase, focused on accelerated adoption, product line expansion, and new market development. This latest round validates our market leadership and proven success in achieving unprecedented levels of energy efficiency with our liquid desiccant DOAS, while delivering the reliability, performance, and ease of operation that customers need.”
– Phil Farese, CEO, Mojave
“Mojave’s ArctiDry is a no-brainer for buildings, allowing owner-operators to precisely meet the temperature and humidity requirements of their assets, while providing energy savings and thereby lowering emissions. We are thrilled to deepen our partnership with Phil and his market-leading team to drive forward advanced features and new technologies that will further revolutionize the industry.”
– Anastasia Istratova, Principal at Fifth Wall
“Mojave has proven that its all-electric energy-saving liquid desiccant dehumidification cooling system is the greenest air conditioner on the market. We have great confidence in the Mojave team, and their ability to make a difference for the planet by reducing HVAC energy consumption.”
– Dilip Goswami, Venture Partner, At One Ventures
“There is a critical need to dramatically reduce the climate impact of HVAC while delivering on enterprise demand for reliability and energy savings. Mojave is reshaping how we think about cooling commercial buildings by setting new benchmarks for energy efficiency in our built environments. We are proud to have been part of Mojave’s journey from the start and look forward to continuing to work with the team as they redefine what’s possible in the HVAC industry.”
– Tim Chiang, Co-founder and Partner, Myriad Venture Partners
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