Client 7AC Technologies Closes $2.3M Series A Financing
March 7, 2012
Foley Hoag LLP represented 7AC Technologies in its $2.3 million Series A financing, led by the Massachusetts Clean Energy Center.
7AC Technologies, based in Woburn, Mass., is developing ultra high efficiency air conditioning systems that use up to 75 percent less electricity compared to conventional heating, ventilation and air conditioning technologies. The liquid desiccant and plastic membrane plate-based air conditioning system is targeted to achieve substantial energy savings by replacing existing rooftop HVAC systems on commercial and industrial buildings.
“We congratulate 7AC Technologies on closing this financing, which will help the company continue its development and commercialization of its game-changing air conditioning systems,” said Mark Haddad, co-chair of Foley Hoag’s Energy Technology and Renewables Practice Group and deputy chair of the firm’s Business Department. Haddad has worked with the company since its beginning and was assisted by Mark Barnett and Jason Steinman in the transaction.
Foley Hoag’s Energy Technology and Renewables Practice Group meets the needs of companies, investors and lenders in every stage of development. The practice helps emerging and established clients address issues involving energy regulatory and environmental compliance, project structuring and finance, public securities offerings, tax, and real estate. In addition, the team works with investors and lenders to assess emerging and more established businesses.
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