NxLite™ today announced it has closed $9.2M in Series A funding to accelerate the deployment of its next-generation energy-control coatings and continue to increase capacity at its Advanced Innovation & Manufacturing (AIM) Center.
The investment round was led by Crabtree Lane Alt, LLC, a Chicago-based active financial investor, and had participation from leading manufacturers in the door and window industry and venture capital firms like Earth Foundry, MUUS, New Climate Ventures, and ACT Venture Partners of the Netherlands.
Beyond increased capacity to meet growing demand for its window and transparent surface solutions, NxLite will use the financing to bolster its commercial operations in Michigan, accelerate its go-to-market strategy, and expand strategic relationships to continue capturing high-growth market segments.
“With strategic partnerships in place, global customers, and unique offerings, the Series A investment provides us the capital to meet the growing demand of our customers. We have the chance to redefine energy efficiency and operating costs in every transparent application.”
— David Mather, Chairman and CEO of NxLite
Unlike traditional solutions, NxLite's air-stable coatings can be applied to monolithic (single-pane surfaces) applications as well as multi-pane window solutions. These applications offer unprecedented design flexibility as well as building retrofitting opportunities for a broad range of transparent materials including glass, acrylic, and polycarbonate.
Opportunities NxLite coatings address include:
- Residential and commercial windows, drastically cutting heating and cooling costs for consumers and owners.
- Refrigeration display doors, improving efficiency and reducing spoilage.
- Window inserts, used to retrofit existing buildings to modern standards.
- Lightweight solutions for transportation, contributing to fuel efficiency, range, and more-efficient internal climate control.
The company has already secured joint development agreements and offtake purchase orders with leaders in the window manufacturing, plastics, and food & beverage industries.
“We are very impressed with NxLite's energy-coated substrates. We are seeing significant interest with our customers in the vending, beverage cooler, automotive, and transportation industries.”
— Bobby Weatherholz, Vice President of DALB Inc.
Globally, buildings are responsible for a significant portion of energy consumption, with windows being a major culprit for heat gain and loss. According to the U.S. Department of Energy, up to 30% of building heating and cooling energy is lost through windows, presenting a massive opportunity for NxLite's technology to make an immediate environmental and economic impact.
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