Pascal, a developer of solid refrigerant technology for next-generation cooling systems, has secured an additional US$8.5 million in venture funding alongside $839,000 in grant awards. The venture round was co-led by Sazze Partners and LB Investment, with participation from KDB Silicon Valley, bringing the company's total funding to date to US$17.3 million. The new capital will support initial commercial deployments with a multinational beverage manufacturer as the company advances toward industrial-scale applications.
Funding Details and Strategic Investors
The venture funding strengthens Pascal's ties to Korea, a manufacturing partner the company views as important for commercialization. Sazze Partners Principal Jay Kwon said the firm was impressed by the team's technical progress and its ability to translate materials science into a commercial product platform. LB Investment CEO Kiho Park added that Pascal's technology aligns with Korea's manufacturing capabilities and the global cooling market's demand for efficiency and new refrigerants.
Grant Support and Federal Backing
In addition to the venture round, Pascal secured $839,000 in grant funding, including a $500,000 ARPA-E grant from the U.S. Department of Energy. The Massachusetts Clean Energy Center contributed a $239,000 InnovateMass grant and a $100,000 Climatetech Tax Incentives Program grant. These non-dilutive awards complement private investment and support the company's work to bring solid refrigerant cooling systems to commercial readiness.
A New Approach to Refrigerants
Conventional HVAC technologies rely on hydrofluorocarbons, or HFCs, which leak into the atmosphere and contribute roughly 2% of total greenhouse gas emissions, more than the entire aviation industry. HFCs are also flammable, and newer formulations contain PFAS. Pascal develops solid refrigerants that are nonflammable, PFAS-free, and capable of achieving cost parity with conventional systems while operating in the same pressure range as typical gas refrigerants.
First Commercial Deployment
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 before progressing to the next phase of the project in early 2027. While current commercial work focuses on beverage cooling applications, the solid refrigerant technology can scale to offer cooling solutions for large buildings, including data centers.
Company Momentum and Leadership
Last month, Pascal opened a new 21,000 square foot headquarters in Watertown, Massachusetts, expanding its engineering, prototyping, and testing capabilities. In September, co-founder and Chief Technology Officer Jinyoung Seo was named to MIT Technology Review's 2026 Innovators Under 35 List. The company is actively hiring for full-time positions in the Boston area and is partnering with organizations that have significant refrigeration or cooling needs for commercial pilot programs.
Investor Perspectives and Market Opportunity
Global cooling demand is projected to grow by 1,600 terawatt-hours by 2035, roughly equivalent to the total annual electricity demand of Japan and Korea combined, and artificial intelligence is driving demand for energy-intensive data centers. Pascal's backers see a clear path toward commercialization in the United States, Korea, Europe, and the broader Asian market. The company's approach combines differentiated technology with an opportunity to address a global cooling market that increasingly requires greater efficiency and new refrigerant solutions.
Founded in 2023 out of Professor Jarad Mason's research group at Harvard University, Pascal is positioned as the only American company developing solid refrigerants. Its technology has proven on par with conventional vapor-compression systems and has already secured a multinational beverage manufacturer as its first commercial partner. With fresh funding, new headquarters, and initial deployments underway, Pascal is moving from years of technology development toward a product that can scale across HVAC applications and industrial cooling.