Details of the Climos Deal
On March 6, 2008, Climos declared that it had completed its' round of "Series A" financing. Through this investment round, the company received $3.5 million. Braemar Energy Ventures, a venture capital firm in the US, led this investment round. The other participant of the investment deal was Elon Musk, the renowned technology investor.Climos would use the funds accumulated through this investment round for the following purposes:
- In a project about Environmental Impact Assessment.
- Lowering fossil fuel emissions through conservation and the use of renewables.
- Restructuring its energy infrastructure
- Science workshops with significant research organizations.
- Submitting an application to receive an international permit.
In regard to the investment deal, Dennis Costello, Managing Director of Braemar Energy Ventures, stated that Climos had combined scientific and technological expertise with a powerful business plan and efficient business management skills. For these reasons, Braemar Energy Ventures made the decision to invest in Climos.
Dan Whaley, CEO of Climos, revealed that the Braemar Energy Ventures' understanding of the issues regarding climate impressed the Climos company so much, that Climos would like to begin developing a strong working relationship with Braemar Energy Ventures.
