3M Invests in 7AC Technologies Inc.
3M, through its New Ventures Business, has invested in 7AC Technologies Inc., a Woburn, Mass.-based developer of high efficiency heating, ventilation and air conditioning (HVAC) systems that use liquid desiccant technology to remove humidity from the air. The terms of the transaction were not disclosed.
“This investment by 3M New Ventures is a highly significant vote of confidence in our plastic plate liquid desiccant technology,” said Peter Vandermeulen, CEO and founder, 7AC Technologies. “Being able to leverage the material and manufacturing expertise of a global leader like 3M is an exciting strategic milestone for us. We already use a significant amount of 3M products in our designs. As we move into the commercialization and volume ramp phase of our development the addition of 3M to our growing list of partners will serve to strengthen our ability to bring liquid desiccant solutions to mainstream HVAC applications.”
Stefan Gabriel, president, 3M New Ventures, said: “7AC's paradigm changing approach to ultra-efficient air conditioning is well positioned to succeed in the fast-growing green building technologies space. In addition, our investment offers 3M a pathway to an exciting new strategic direction that is poised to create substantial growth opportunities for both companies.”
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