LuxWall, a pioneering company in energy-efficient window solutions, has announced the successful closure of a $51 million Series B funding round led by Climate Investment and Barclays Sustainable Impact Capital.
This significant investment round includes new contributors, such as Carbon Equity and The Nature Conservancy, joining existing investors like Breakthrough Energy Ventures, Prelude Ventures, 2150, Khosla Ventures, and Baruch Future Ventures.
The newly acquired funding is set to catalyze LuxWall’s growth and innovation, particularly at its recently inaugurated factory in Litchfield, Michigan, which has garnered support from Governor Gretchen Whitmer. This financial boost will facilitate the construction and expansion of an additional facility in Detroit, as well as further research and development initiatives at the company’s R&D Center in Ypsilanti, Michigan. Complementing this funding, LuxWall also received a substantial $31.7 million grant from the U.S. Department of Energy’s Manufacturing Efficiency and Supply Chain (MESC) program to support its operations in Detroit.
LuxWall addresses a critical issue in the built environment: windows account for the largest source of energy loss, contributing to an astonishing 38% of global greenhouse gas emissions. Through its patented technology for Vacuum Insulating Glass (VIG), LuxWall offers thermal properties that outperform traditional window solutions. Their Enthermal™ product line is designed to reduce energy loss in homes and commercial buildings by up to 45%, boasting a payback period three times faster than conventional double-paned glass. Additionally, Enthermal’s retrofitting capability within existing window frames allows for a reduction in re-glazing costs by up to 50%, making it an economically attractive solution for consumers.
With a diverse portfolio of high-performance window solutions, LuxWall services a wide range of clients, including residential homes, historic sites, and commercial buildings across North America and Europe. Prominent corporations across various sectors—ranging from manufacturing to technology—have adopted LuxWall’s innovative products.
“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,” stated Scott Thomsen, CEO and Co-Founder of LuxWall. “We are fortunate to have such a strong investor syndicate to propel our vision of Bettering the Built Environment.”
Cindi Bough, Managing Director of Climate Investment, reinforced this sentiment, stating, “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. With 50% of building stock still consisting of single-pane windows, and approximately 25% of the energy used for heating and cooling lost through these windows, the market opportunity for LuxWall is enormous. Their technology is well-positioned to help significantly reduce carbon emissions across the built landscape.”
Steven Poulter, Head of Principal Structuring and Investments at Barclays, highlighted the transformative potential of LuxWall’s products, noting, “LuxWall’s remarkably thin, high-performing glass represents a cost-effective retrofit option to replace single-pane glass. This innovation has the potential to revolutionize residential and commercial buildings all over the globe, addressing a massive market need.”
Tom Baruch, CEO of Baruch Future Ventures, added, “The building and construction sectors are responsible for 40% of global greenhouse gas emissions. LuxWall’s innovative insulated window solutions are crucial for achieving equity in the energy performance of both new and retrofitted dwellings, especially in light of the skyrocketing electricity prices witnessed from 2021 to 2024.”
Recognized for its exceptional technology, LuxWall was selected as one of just seven U.S. companies to receive federal funding aimed at bolstering clean energy supply chains and accelerating domestic manufacturing capabilities. Furthermore, LuxWall has achieved accolades, being named in the Norrsken Foundation’s 2024 Impact/100 list, which highlights the world’s most promising impact startups in construction.
As LuxWall embarks on this exciting new chapter, it continues to spearhead innovative solutions that not only enhance energy efficiency but also contribute to a more sustainable future for the built environment.
Source:LuxWall with additional information added by GlassBalkan
