Innovative Climate Tech Company XNRGY Closes Growth Equity Financing to Expand Capacity

MONTREAL, CANADA, March 20, 2023: XNRGY Climate Systems (“XNRGY”), a leader in the design and manufacturing of energy efficient commercial HVAC systems, today announced the close of a substantial growth capital raise co-led by MacKinnon, Bennett & Co. (“MKB”), a specialized growth equity firm focused on the energy transition, and Idealist Capital, a private growth capital fund focused on the energy transition and decarbonization sectors.

Led by industry pioneers with decades of combined working experience, XNRGY is on a mission to reduce the carbon footprint of commercial buildings through its high-performance HVAC systems that are designed to increase energy efficiency, reduce energy costs, and provide superior indoor air quality to mission critical customers such as hospitals, clean rooms, educational institutions and data centers.

This funding will enable XNRGY to expand its current facility in Montreal, Canada by 100,000 square feet of production capacity and replicate a new facility in Mesa, Arizona with 250,000 square feet production capacity. These state-of-the-art manufacturing facilities will accelerate the ability of its world-class team and technology to meet the rapidly growing demand of its customers spanning coast to coast.

“XNRGY is at the forefront of climate technology and this latest substantial investment by prominent institutional investors backed by leading Canadian sovereign and financial institutions is a testament to how XNRGY will continue to deliver on our client’s net zero and energy savings goals. We’re pleased to work closely together with investors MKB and Idealist Capital on this exciting road ahead,” said Wais Jalali, the Founder, Chairman and Chief Executive Officer of XNRGY.

Ken MacKinnon, Co-Founder, and Managing Partner of MKB said, “XNRGY brings cutting-edge technology solutions to an industry that has traditionally been slow to innovate at a critical time when reduction of energy consumption in buildings is becoming an urgent priority. With its expansion plans in motion, XNRGY is well-positioned to execute on its mission to enable customers to lower their carbon footprint”.

“We’re tremendously impressed with XNRGY’s approach to decarbonizing HVAC, their superior, world-class climate technology and their leadership team. We’re proud to support XNRGY as they scale their business and generate a positive climate impact for their clients,” said Pierre Larochelle, Co-Managing Partner at Idealist Capital.