A Union City, Calif. company that makes high-efficiency power-management systems for the marine and trucking market has raised $18 million in a round that could reach almost $30 million, VentureBeat has learned.
Although Glacier Bay has been around for some 17 years, it was primarily a research organization before and is a relative newcomer to its current markets. Since turning its focus to building products, it has seen rapidly increasing sales, according to CEO Kurt Gallo.
Glacier Bay’s marine equipment, typically installed on large yachts and other mid-sized ships, provides a central generator and integrated system that powers various on-board tasks, from running the stove to pulling powered winches. The company can increase power efficiency by a third, reducing the amount of fuel needed to run the ship’s systems.
In diesel trucks, Glacier Bay’s other market, the system is much simpler, just providing heating and cooling for the truck’s cabin. Truckers often pull to the side of the road and leave their engine running to provide heat while they sleep at night; the company gives them a way to turn off the engine and save significant amounts of fuel, which also complies with new laws coming into effect
According to Gallo, who joined Glacier Bay this past November, the company’s sales tripled in both 2006 and 2007, although it has not yet reached profitability.
The current round of funding has been provided thus far by the Quercus Trust and New Enterprise Associates, and Glacier Bay is in the process of raising a total of between $25 and $30 million. The company took its first venture funding, a round of $10 million, from New Enterprise Associates in the first half of 2006.
Update: The round is now closed, and stands at $18 million.
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