Global Cooling Receives $5.5 Million Total Investment from Advantage Capital, Ohio Innovation Fund, and TechGROWTH Ohio Fund

Stirling Ultracold manufacturer to fund new growth opportunities

June 2, 2016

GCI Stirling Ultracold Manufacturing(Athens, Ohio) Global Cooling Inc., the manufacturer of award winning ultra-low temperature Stirling Ultracold freezers, announced today that the company has closed a $5.5-million combination of debt and equity financing. This new funding will allow Global Cooling to expand its manufacturing capabilities and build its sales team to focus on new growth opportunities in the U.S. and internationally. Both existing and new shareholders participated in this round, including:

Advantage Capital: St. Louis-based investment firm, providing equity and debt financing to established and emerging companies located in communities underserved by conventional sources of capital. “Global Cooling has built a reputation for creating innovative and energy-efficient products,” said Philip Ruppel, Vice President at Advantage Capital. “We are excited to be partnering with Global Cooling and are looking forward to watching the company’s continued successes.”

Ohio Innovation Fund: Columbus-based venture capital firm specializing in early-stage technology and med tech investments. “Global Cooling has been growing rapidly and, in talking with their customers it is no surprise. Their ultra-low temperature freezers have much lower energy usage, better performance in terms of temperature control, higher reliability and lower maintenance, and are more environmentally friendly”, noted OIF’s Managing Director, Bill Baumel. “We’re excited to join TechGROWTH along with Advantage Capital in providing the funding and advice to help this Athens, Ohio-based company continue to realize its tremendous potential.”

TechGROWTH Ohio Fund: A public-private partnership of the Ohio Third Frontier program, Ohio University and the private investment community. Focused on supporting technology startup companies in southeastern Ohio, TechGROWTH participated in Global Cooling’s initial equity financing in 2011. TechGROWTH’s Executive Director Lynn Gellermann stated, “Our partnership with Global Cooling is not only creating jobs, but is helping to grow the entrepreneurial ecosystem in Southeastern Ohio.”

Advantage Capital’s $2.5-million investment was facilitated through the Ohio New Markets Jobs Act and the federal New Markets Tax Credit program, both of which stimulate economic growth in communities that historically have been underserved by traditional sources of capital.

“This is another example of how targeted federal and state incentives have worked with the private sector to bring quality manufacturing jobs to Ohioans,” said U.S. Senator Sherrod Brown (D-OH), whose efforts have helped to extend the federal program in 2014. “The New Market Tax Credit is working for Ohio and helping companies like Global Cooling get innovative ideas into the market.”

Neill Lane, Global Cooling’s CEO said, “I am delighted by our financing partners’ support as we build innovative products that enable organizations to align their objectives to find the cures for disease, while saving money and minimizing their carbon footprints.”