Global Cooling Inc., developer and manufacturer of Stirling Ultracold ultra-low temperature (ULT) freezers featuring the innovative free-piston Stirling engine cooling system, has announced that 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.
Founded in 1995, Global Cooling manufactured and developed the Stirling Ultracold ULT freezer products in Athens, Ohio, USA. They 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 US 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.
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. Ohio Innovation Fund led the equity round of funding of Global Cooling Inc., with additional support from American Financial Group, Advantage Capital, and TechGROWTH Ohio.
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.
“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,” … “We’re also thrilled to continue working closely with OIF, which has been instrumental in advising us on our growth path.” – Neill Lane, Chief Executive Officer of Stirling Ultracold
“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,” … “Neill and the extended team have developed a strong, defensible value proposition with a large and growing customer base and truly world-class manufacturing.” – Bill Baumel, managing director of OIF