Glacier Bay Secures $10M in Funding

Westly Group & NEA Back Glacier Bay’s Growth and New Product Development

UNION CITY, Calif.--(BUSINESS WIRE)--Glacier Bay, Inc., a leader in intelligent power management technology, announces a $10M investment led by the Westly Group, with participation from New Enterprise Associates (NEA) and Quercus Trust.

“Now we have secured the funding necessary to support our explosive growth and new product development roadmap. It’s an exciting time.”

For over twenty years, Glacier Bay has been a leader in intelligent power management technology. The company currently provides a battery-operated no-idle HVAC system to the Class 8 truck market and is developing an advanced generator system which will initially be used in military applications.

Glacier Bay products are more efficient, smaller, lighter, quieter and generate fewer emissions than competing products due to the company’s patent-pending OSSA Powerlite intelligent power management technology.

“It’s been an outstanding year,” said Marc Hoffman, CEO of Glacier Bay. The company ended the first half 141% ahead of plan due to sales of its innovative no-idle solution and recently received purchase orders from Raytheon and the Navy for its load-following generators. Hoffman added, “Now we have secured the funding necessary to support our explosive growth and new product development roadmap. It’s an exciting time.”

Mike Dorsey, Managing Partner of the Westly Group, said, “Glacier Bay fits our strategy of investing in companies that make both economic and environmental sense. The Glacier Bay ClimaCab product simultaneously reduces fuel consumption while improving air quality, with a very rapid payback.” The Westly Group, founded by Steve Westly and based in Menlo Park, California, is a clean technology-oriented venture capital firm, with an eye towards finding companies that have proven revenue streams and innovative technologies to solve the world’s most pressing problems.

Existing investor New Enterprise Associates (NEA), a leading global venture capital firm focused on information technology, energy technology and healthcare investments, also participated in the round.

“Glacier Bay was among NEA’s earliest investments in the energy technology sector, and we believe the company’s innovative technology platform and targeted market approach make it well-positioned to be a leader in this space,” said Mark Perry, General Partner, NEA. “We are pleased to support the company’s plans for continued growth and new product development.”

Marc Hoffman, CEO of Glacier Bay, said, “We are thrilled to receive the support of such high quality investors. With their stellar track records of investing in successful companies, it’s a real vote of confidence.”

About Glacier Bay, Inc.

Glacier Bay Inc. is an internationally recognized leader in advanced energy technologies, known for designing and manufacturing groundbreaking intelligent power management systems. Glacier Bay provides innovative, high efficiency, state-of-the-art refrigeration and power management products across a wide range of industries and applications. More information can be found at: www.glacierbay.com