Press Release By: Stone Mountain Technologies, Inc.
Johnson City, Tennessee, USA (January 29, 2018) – Stone Mountain Technologies, Inc. (SMTI) is pleased to announce that it has closed on a Round-A investment vehicle with a strategic investor. The multi-million-dollar capital infusion will allow SMTI to increase development velocity of its ultra-high efficiency space and water heating technology, supplementing the recently announced $2.7 million grant from the US Department of Energy.
“In addition to the capital investment, our new strategic partner brings high volume and quality HVAC component manufacturing expertise to the table, which will smooth our transition from R&D to manufacturing over the next 24-30 months,” according to Michael Garrabrant, President & CEO of SMTI. “We have a shared vision that the technology under development at SMTI will be a major player in the global space and water heating market in the near future.”
About Stone Mountain Technologies, Inc.
SMTI, based in Johnson City (Tennessee), is an early-stage venture that is developing the next generation of ultra-high-efficiency heating appliances for homes and commercial businesses. The partially renewable (35%) technology, based on the gas absorption thermodynamic cycle, can be harnessed across a wide variety of applications, including space, water, and pool heating. SMTI is developing partnerships with original equipment manufacturers that sell heating appliances (furnaces, boilers, hot-water heaters). SMTI will manufacture the core enabling technology (the “thermal compressor”) in Tennessee.
This enables OEMs around the world to offer customized appliances to their customers with total fuel efficiencies of approximately 140% and outstanding economics.
CONTACT FOR MORE INFORMATION
Michael Garrabrant, President & CEO
423-735-7400
mgarrabrant@stonemtntechnologies.com
Scott Reed, VP Marketing & Strategy
818-421-4229
scott.reed@stonemountaintechnologies.com
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