LuxWall Raises $51 Million Funding to Accelerate Decarbonization of Buildings
For Immediate Release, October 31, 2024, Ypsilanti, Michigan, USA – LuxWall, a leader in glass-based transparent insulation solutions to reduce energy consumption and carbon emissions from buildings, has closed a US $51 million Series B funding round led by Climate Investment and Barclays Sustainable Impact Capital. New investors Carbon Equity and The Nature Conservancy participated in the round alongside existing investors Breakthrough Energy Ventures, Prelude Ventures, 2150, Khosla Ventures, and Baruch Future Ventures.
The recent funding allows LuxWall to scale up production at its newly opened factory in Litchfield, Michigan, which received the support from Michigan Governor Gretchen Whitmer. It will also enable the construction and expansion of a second factory in Detroit, Michigan, as well as the growth of research and development at the R&D Center in Ypsilanti, Michigan. Alongside this Series B funding, LuxWall received a $31.7 million U.S. Department of Energy Manufacturing Efficiency and Supply Chain (MESC) grant to support the Detroit facility.
Windows are the single largest source of energy loss in the built environment, which represents 38% of the world’s GHG emissions. LuxWall has developed patented technologies to manufacture Vacuum Insulating Glass (VIG) with thermal insulating properties like an opaque wall, five times more insulating than double-paned glass. LuxWall’s Enthermal™ product line reduces energy loss of homes and buildings by up to 45%, with three times faster payback versus standard glass offerings. Enthermal can be retrofit into existing window frames, which reduces re-glazing costs by up to 50% for end users.
Servicing residential homes, historic sites and commercial buildings across North America and Europe, LuxWall’s high-performance window solutions have been adopted by large corporates operating in a range of sectors, including manufacturing, technology and residential.
“This funding is a major vote of confidence in LuxWall, and we welcome the support of new decarbonization and impact-focused investors, along with our existing backers,” said Scott Thomsen, CEO and Co-Founder of LuxWall. “LuxWall is fortunate to have such a strong investor syndicate to propel our vision of Bettering the Built Environment.”
“Climate Investment invests in innovators decarbonizing the built environment and we are excited to be adding LuxWall and its best-in-class team and technologies to this group,” said Cindi Bough, Managing Director Climate Investment. “With 50% of building stock still single-pane windows, and 25% of the energy used to heat and cool them are lost through windows, the market opportunity for LuxWall is massive, and LuxWall technology is primed to help significantly reduce carbon emissions from the built environment.”
Steven Poulter, Head of Principal Structuring and Investments, Barclays said: “As a cost-effective retrofit to replace single-pane glass, LuxWall’s remarkably thin, high-performing glass could transform residential and commercial building stock across the world. With a unique offering to such a large market, LuxWall has huge commercial potential – and can play a particularly important role in retrofitting properties that until now have had very limited economically-attractive options for improving the performance of the building envelope.”
Tom Baruch, CEO, Baruch Future Ventures, LLC, added: “Building and Construction markets account for 40 percent of global greenhouse gas (GHG) emissions. LuxWall’s innovative insulated window solutions will help us achieve equitable justice to occupants of new and retrofitted dwellings and offices and mitigate the shocking increases in electricity prices between 2021 and 2024 from surging power demand in industrial and information technology sectors of the economy.”
The U.S. Department of Energy selected LuxWall as one of seven U.S. companies to receive funding to strengthen clean energy supply chains and accelerate domestic clean energy manufacturing. LuxWall has been recognized for the value of its technology, having been included in the Norrsken Foundation’s 2024 Impact/100 list of the world’s most promising impact startups, as one of just three startups in the construction sector.
About LuxWall
Located in Ypsilanti, MI, USA, LuxWall is focused on the product development, scaling, and commercializing of innovative energy-efficient glass products and solutions for the built environment. LuxWall’s transparent insulation technology, Enthermal™, provides a step change in energy performance by significantly reducing convective, conductive and radiative heat gain and heat loss in buildings. Acting as a transparent thermos bottle for buildings, LuxWall has the potential to reduce global carbon emissions by more than 0.5 gigaton per year with mass adoption. LuxWall is well poised to penetrate the $35B glazing market. Enthermal will forever change the way buildings are designed and constructed for the future sustainability of our planet.
About Climate Investment
Climate Investment is an independently managed specialist investor focused on accelerating capital-efficient decarbonization of heavy emitting sectors. Operational since 2017, its team of investment and technical experts has built a portfolio of 40 technology and business model innovations across energy, transportation, buildings and industry. Collectively, its Catalyst portfolio delivered 95 MT CO2e of cumulative greenhouse gas reduction in the period 2019-2023.
Climate Investment was founded by member companies of the Oil & Gas Climate Initiative (“OGCI”). They have invested in Climate Investment fund and deployed many of its portfolio innovations, supporting their early commercial development.
About Barclays Sustainable Impact Capital
As part of the firm’s broader commitments, Barclays will invest £500m of its own capital, led by the Principal Investments team, in fast-growing, innovative, environmentally focused companies whose values are aligned with those of Barclays and which target the goals and timelines of the Paris Agreement. Investments will be strategic to Barclays, its clients and the communities it serves, with clear scalable propositions that deliver both environmental benefits and economic returns. To find out more, click here.
For media inquiries, please contact:
LuxWall
Amy Hennes +1 (248) 961-0644
Email: [email protected]
Barclays
Holly Brown +44 (0) 788 135 5625
Email: [email protected]
Climate Investment
Guy Bates +44 (0) 758 1056 415
Matthew Burton +44 (0) 781 5993 063
Email: [email protected]