ATHENS, Ohio, Dec. 21, 2018 (GLOBE NEWSWIRE) -- Global Cooling Inc., developer and manufacturer of Stirling Ultracold ultra-low temperature (ULT) freezers featuring the innovative free-piston Stirling engine cooling system, today announced it has secured Series B funding, led by Ohio Innovation Fund (OIF). Stirling Ultracold will use the investment for new product development and working capital as the company grows toward $100 million in revenue.
Ohio Innovation Fund led the equity round of funding, with additional support from American Financial Group, Advantage Capital, and TechGROWTH Ohio.
Stirling Ultracold freezers keep lab samples safe at -80°C, facilitating research to cure diseases such as cancer. The company's unique technology platform delivers significant energy savings, better performance and reliability, and a much smaller carbon footprint. The company’s SU780XLE freezer uses up to 75 percent less energy than standard compressor-based models, and earned the industry’s first EPA ENERGY STAR®-certification in the ULT product category.
“This latest round of investment will help Stirling Ultracold meet growing demand for our products which are the most energy-efficient and environmentally-sustainable in the industry,” said Neill Lane, Chief Executive Officer of Stirling Ultracold. “We're also thrilled to continue working closely with OIF, which has been instrumental in advising us on our growth path.”
Stirling Ultracold works with a number of the world's largest pharmaceutical companies, including Amgen, Genentech, GlaxoSmithKline, Johnson & Johnson and Novartis. In addition, the company is trusted by a number of world-class research labs across the country, including the California Institute of Technology and the National Institutes of Health.
“We have worked closely with the Stirling Ultracold team throughout its growth process, and we are excited to continue with them to their next phase of market penetration and company growth,” said Bill Baumel, managing director of OIF. “Neill and the extended team have developed a strong, defensible value proposition with a large and growing customer base and truly world-class manufacturing.”
This news further reflects OIF’s continued commitment to investing in advanced manufacturing and med-tech in the Appalachian area of Ohio - which includes their recent lead investment in RXQ Pharma Compounding of Athens and Albany, Ohio. These companies have had growth rates up to and over 100 percent. Stirling Ultracold employs roughly 100 people in Columbus and Athens, Ohio, and has a presence in EMEA and APAC.
About Global Cooling, Inc. and Stirling Ultracold
Manufactured and developed by Global Cooling, Inc. in Athens, Ohio, Stirling Ultracold’s ultra-low temperature freezer products feature the industry’s first reliable cooling technology, using the free-piston Stirling engine. This innovation has allowed the company to provide a new generation of environmentally-sustainable ULT freezers that achieve stable storage conditions over a wide temperature range. Using less than one-third the electric power of standard compressor-based ULT freezers, as validated by the industry’s first ENERGY STAR® partnership for ULT freezers, Stirling Ultracold freezers were also the first in the U.S. to use 100 percent natural refrigerants.
In addition to its SU780XLE upright ultra-low freezer, Stirling Ultracold offers the compact under-counter SU105UE freezer for small-volume storage, and the easily transportable Shuttle™ Model ULT-25NE, which is the only portable ULT solution for remote clinical trials and biologic drug delivery.
To request information about Stirling Ultracold and its innovative line of ultra-low freezers, call 740-274-7900 or visit the company’s website at www.StirlingUltracold.com.
About The Ohio Innovation Fund
The Ohio Innovation Fund (OIF) provides venture capital and strategic, operational, and financial expertise to high-growth companies in the SaaS, Data Science, Cyber Security, and Med Tech markets. With more than twenty years of Silicon Valley venture capital experience, and close ties with a significant network of key Silicon Valley leaders, the partners of OIF have successful exits via several multi-billion-dollar valuation Initial Public Offerings as well as acquisitions by companies such as Medtronic, Dell, SAP, Intuit, and Stryker. OIF's companies have been featured by CNN, Forbes and The Wall Street Journal among others. For more information please visit www.ohioinnovationfund.com.
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