Karman Industries Emerges from Stealth to Deliver Advanced Thermal Energy Technology

With $4M in pre-seed funding led by Riot Ventures, the company will help global manufacturers substantially cut costs and emissions

LONG BEACH, Calif., Sept. 19, 2024 /PRNewswire/ -- Karman Industries, the company electrifying global manufacturing, announced today it has emerged from stealth with $4 million in pre-seed funding led by Riot Ventures in partnership with Space VC. 

Founded in August 2024, Karman is on a mission to help global enterprises significantly reduce costs and eliminate onsite scope 1 emissions by transitioning their manufacturing operations from natural gas to electricity.

Industrial heat is essential to manufacture nearly all goods and commodities–from chemicals and ethanol to textiles and food and beverage. Yet thermal energy technology hasn't changed in more than 150 years since the advent of the gas boiler, which is financially and environmentally expensive. Worldwide, ~$600 billion is spent annually on low-temperature industrial heat, which contributes 20% of greenhouse gas emissions.

Thermal01, Karman's high-performance, mass-manufactured, and self-contained electric heat pump, leverages advanced manufacturing techniques and technologies from other leading-edge industries, including turbomachinery from the rocket sector and high-frequency power electronics popularized by the electric vehicle market.

"Recent leaps in technology across multiple verticals now make Thermal01 a reality," said Karman CEO and Co-Founder David Tearse. "We predict a transition to Thermal01 will reduce an organization's energy costs by 25 to 50% before government subsidies. And we'll help save the planet in the process." 

Tearse was formerly at aerospace startup Skyryse. He is joined at Karman by Co-Founder and Chief Technology Officer Chiranjeev (CJ) Kalra, Ph.D.

Kalra, who was formerly Head of Technology at Antora Energy and VP of Power Generation at Heliogen, will lead Karman in developing Thermal01's proprietary technology. Thermal01's turbomachinery architecture enables high-speed operation, increases efficiency, and reduces wear and tear to offer a cleaner, safer option in a compact package compared to geared or oil-bearing based machines. Thermal01's modular construction enables standardization and rapid integration at customer facilities.

"The opportunity ahead of Karman is massive," said Will Coffield, Co-Founder and General Partner at Riot Ventures. "There are approximately 700,000 natural gas boilers in the world, roughly 125,000 of which are in the United States. Karman offers an alternative with exceptional quality at a fraction of the cost of bespoke solutions. Thermal01 is a smart financial and environmental decision for corporations."

Karman is assembling a world-class team of engineering experts and business leaders. To learn more visit www.karmanindustries.com.

About Karman  
Karman Industries is electrifying industrial thermal energy use to help global enterprises significantly reduce both manufacturing costs and onsite Scope 1 emissions. The company brings together the latest advancements in hardware technology, industrial manufacturing, and additional proprietary innovations to engineer the first-of-its-kind Thermal01 electric heat pump.

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SOURCE Karman Industries