enVerid

Energy-Saving Technology

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Company Information

Website:

https://www.enverid.com/

Sector:

Clean Technology

Location:

Needham, MA

enVerid has developed a patented air treatment and energy saving system for heating, ventilation, and air conditioning systems, or “HVACs."

Its system brings technology originally used for maintaining air quality in submarines and space stations to commercial buildings.

The idea behind this system is simple, but effective: recycle the indoor air using proprietary technology to eliminate CO2 and unwanted contaminants. This compares to traditional systems, which continuously replace indoor air with hot or cool air from the outside.

enVerid’s system enables businesses to save 20% to 40% on heating and cooling energy costs a year.

enVerid has deployed more than 250 of its systems to notable customers like Google, Morgan Stanley, and Harvard University. It’s also raised $40 million from professional investors including Leumi Partners and Aurec Capital.

Now, the company is raising up to $20 million to scale commercial activities in the U.S.. OurCrowd investors will comprise up to $1.68 million of this round, and have the chance to invest alongside Breakthrough Energy Ventures and Leumi Partners.

(Please note: This particular startup is raising funds from accredited investors only. An accredited investor is someone with a net worth of at least $1 million, or annual income of at least $200,000, or $300,000 with their spouse.)

Traditionally, commercial buildings maintain indoor air quality by replacing the air in the building every 1 to 2 hours. This helps dilute CO2 and other molecular contaminants such as formaldehyde and volatile organic compounds.

But cooling or heating the outside air that’s pumped into the building often introduces other contaminants. It’s also inefficient. According to enVerid, HVAC represents more than 40% of energy consumed in commercial buildings.

enVerid’s system, in contrast, recycles indoor air using proprietary sorbent technology. This helps capture CO2 and unwanted contaminants, while reducing up to 80% of outside air intake. As a result, new HVAC systems can be downsized, saving companies money up front and over time.

enVerid’s technology includes using several unique chemical sorbents known as “solid supported amines.” These are a class of organic liquids that selectively bind with CO2 and common contaminants found in indoor air.

The company’s technology uses proprietary liquid amine polymers and maximizes the surface area with which air comes into contact, spreading the polymers onto the surface and using specialized binders to guarantee their long-term performance.

At the same time, the system uses a process called “regeneration” to “wring out” trapped CO2. In this process, cartridges with trapped CO2 are flushed with warm air from outside and, because of the elevated temperature, can release the CO2 outside.

enVerid’s technology is protected by more than 70 patents. In addition, the company has exclusive technology licenses from the University of Southern California to use synthetic materials it developed for removing CO2 and other contaminants from the air.

In October 2018, a subcommittee of the American Society of Heating and Air Conditioning Engineers, which sets the standards for HVAC system design globally, proposed new indoor air quality design standards — standards that enVerid’s system helps companies meet.

In a case study at the University of Miami Wellness Center, three enVerid HLR systems were installed on each floor of the facility to scrub the air of contaminants and reduce the amount of outside air ventilation required. Here were the results:

enVerid reported 36% energy savings costs, totaling nearly $20,000 a year.

It also achieved estimated water savings of more than $9,000 per year, a 10% decrease in the building’s humidity levels, and overall improved air quality.

When combining new construction buildings and those needing HVAC replacements, enVerid estimates its total available market in the U.S. at roughly $7.5 billion.

With respect to pricing, enVerid has created a “razor/razor blade” business model with its systems and replaceable filters. The company sells its systems wholesale or at full retail price.

For customers buying wholesale, the average price for each system is $15,000, and $1,200 for replacement cartridges. Retail customers pay $20,000 for each system and $2,000 for each replacement cartridge. Installation for all customers is typically $20,000 per unit.

Team Background

Christian Weeks - CEO

Christian has a decade of experience in the clean technology and energy services markets.

Prior to joining enVerid in February 2019, he was Vice President and General Manager of Enel X North America, a division of the Enel Group (OTCMKTS: ESOCF). This Italian multinational energy company generated more than $81 billion in revenue in 2018.

Before that, he worked at the Strategy and Operations Division of Deloitte, a consulting company.

Christian earned a Bachelor’s degree in Political Science from Dartmouth College and an MBA from Harvard.

Dr. Udi Meirav - Co-Founder & CTO

Before enVerid, Dr. Meirav served as CEO of Boston-based Luminus Devices, an independent developer and manufacturer of high-performance LEDs for solid state lighting applications. He led this company from its inception to a globally-recognized technology leader and manufacturer.

Before that, he was an investor at Stata Venture Partners, an early stage venture capital fund, and Strategic Decision Group, a premier global strategy consulting firm.

Udi has served on numerous startup companies’ boards of directors ranging from semiconductors and cybersecurity to oncology and healthcare IT.

He has a PhD in Physics from MIT and began his career as a nano-physics research scientist at the Weizmann Institute.

Dr. Marwa Zaatari - VP of Building Solutions

Marwa is enVerid’s system performance and Indoor Air Quality (IAQ) expert. She is responsible for managing energy and IAQ measurements in commercial buildings as well as customer-site installation and ongoing operations.

Prior to joining enVerid, Marwa was a consultant for Trinity Consultants and a graduate research assistant for the Civil & Architectural Department at University of Texas.

She earned a PhD in Architectural and Environmental Engineering from the University of Texas at Austin and a Master’s degree in Engineering Management from The American University of Beirut, Lebanon.

Ted Vergis - VP of Sales

Ted joined enVerid with nearly 10 years of experience in energy efficiency, storage, and renewables.

During his career, he has been responsible for nearly $1 billion in deployed construction projects.

He received a Bachelor’s degree in Business Administration with a concentration in Sustainable Management and Sales from California Polytechnic State University.

Amnon Tamir - Chief Financial Officer

Amnon is an experienced financial executive with 20 years of experience in the high-tech industry.

Prior to joining enVerid, he worked for 11 years as VP of Finance for North and Latin America operations at Comverse, a software company.

He earned a Bachelor’s degree in Economics with honors and a Master’s degree in Economics from the Hebrew University.

Co-Investors

Breakthrough Energy Ventures

An investor-led fund made of members of the Breakthrough Energy Coalition, committed to impact investments that help the environment.

Leumi Partners

The investment “arm” of Bank Leumi (OTCMKTS: BLMIF).

Raising
$1.68 million
Committed
$0 (0%)
Current Valuation
$50 million
Min. Investment
$10,000
Deal Type
Title II
(For accredited investors only)
Offering Type
Equity
Finance History
  • $1.30 million
    2013-10-15
    Unknown
    (Series B)
  • $3.40 million
    2014-01-23
    Unknown
    (Venture Round)
Notable Investors
  • Breakthrough Energy Ventures
  • Leumi Partners
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