Pascal Secures Additional $9.3M to Advance Initial Commercial Deployments of its Next-Generation Cooling Technology

The only American company developing solid refrigerants, Pascal has proved its technology is on par with conventional vapor-compression systems and signed a multinational beverage manufacturer as its first commercial partner.

WATERTOWN, Mass.--(BUSINESS WIRE)--Pascal, a developer of solid refrigerant technology for next-generation cooling systems, today announced it has raised an additional $8.5 million in venture funding co-led by Sazze Partners and LB Investment, with KDB Silicon Valley also participating. The company has also secured $839,000 in grant funding, including a $500,000 ARPA-E grant from the U.S. Department of Energy, and $239,000 InnovateMass and $100,000 Climatetech Tax Incentives Program grants from Mass Clean Energy Center, bringing its total funding to date to $17.3 million. The fresh capital will be used to support Pascal’s initial deployments with a multinational beverage manufacturer as it advances its technology toward industrial-scale applications.

With global temperatures rising and AI driving demand for energy-intensive data centers, cooling systems have never been more critical. However, today’s HVAC technologies rely on hydrofluorocarbons (HFCs), a group of synthetic gasses that leak into the atmosphere and contribute to ~2% of total greenhouse gas emissions – more than the entire aviation industry. HFCs are also flammable and newer versions contain PFAS. Pascal develops solid refrigerants that are non-flammable, PFAS-free and achieve cost parity with conventional systems. These solids operate in the same pressure range as typical gas refrigerants and can be used across a range of HVAC applications.

Delivering Energy and Cost Savings with First Customer Agreement

Pascal recently completed a working prototype of its pilot refrigerator and is preparing to deploy the system at a leading, multinational beverage manufacturer. The company expects this initial deployment to validate energy-efficiency and cost improvements, and progress to the next phase of the project in early 2027. Pascal’s current commercial work is focused on beverage cooling applications, however its solid refrigerant technology can scale up to offer cooling solutions for large buildings, including data centers.

“Pascal is reimagining cooling without the climate cost, because the centuries-old vapor compression systems humanity relies on are long overdue for an upgrade,” said Adam Slavney, co-founder and CEO of Pascal. “We’ve now proved that solid refrigerant systems are just as efficient as a conventional vapor-compression system doing the same job and are expecting further improvements in the near future. With this new funding, we gain the resources to bring Pascal’s cooling technology to more commercial partners seeking lower costs, higher efficiency and reduced emissions. This is the next step in turning years of technology development into a product that can scale.”

New Investors Support Commercialization Across Global Cooling Market

The venture funding strengthens Pascal’s ties to Korea, whose advanced manufacturing ecosystem makes the country an important partner as Pascal prepares for commercialization. In addition to the broader Asian market, Europe and the U.S. also represent a significant long-term opportunity for high-efficiency cooling technologies, with global cooling demand projected to grow by 1,600 terawatt-hours by 2035 – roughly equivalent to the total annual electricity demand of Japan and Korea combined.

“Pascal is tackling one of the world's largest energy-consuming applications with a fundamentally new technology and clear path toward commercialization,” said Jay Kwon, Principal at Sazze Partners. “We have been impressed by the team's technical progress and ability to translate breakthrough materials science into a product platform with significant commercial potential. We are excited to support Pascal as it enters this next phase.”

“Pascal combines differentiated technology with an opportunity to address a global cooling market that increasingly demands greater efficiency and new approaches to refrigerants,” said Kiho Park, CEO at LB Investment and Chairman of the Korea Industrial Core Technology Investment Association. “We see strong strategic alignment between Pascal's commercialization plans and Korea's manufacturing capabilities, and we look forward to supporting the company's continued growth in the U.S., Korea and globally.”

Recent Company Momentum, Hiring and Pilot Opportunities

In addition to its funding and initial customer deployment, last month Pascal opened a new headquarters in Watertown, Massachusetts. The 21,000 square foot facility will expand the company’s engineering, prototyping and testing capabilities. Also in September, Pascal co-founder and CTO Jinyoung Seo was named to MIT Technology Review's 2026 Innovators Under 35 List.

Pascal is actively hiring for full-time positions in the Boston area. For more information, visit www.pascaltechnology.com/careers. The company is also partnering with organizations with significant refrigeration and/or cooling needs. Email [e-mail] for more information on its commercial pilot programs.

About Pascal

Founded in 2023 out of Professor Jarad Mason’s research group at Harvard University, Pascal is developing next-generation solid refrigerant cooling systems designed to improve energy efficiency and reduce reliance on gaseous refrigerants. Pascal’s solid refrigerants achieve cost parity with conventional systems, are non-flammable, non-toxic and PFAS-free, and can be used across a range of HVAC applications and manufactured within the existing industrial ecosystem. The company is headquartered in Watertown, Massachusetts and backed by Engine Ventures, Khosla Ventures, Blindspot Ventures, Sazze Partners, LB Investment and KDB Silicon Valley. For more information, visit www.pascaltechnology.com or follow the company on LinkedIn.