|50 Colorado Companies to Watch
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The second annual 50 Colorado Companies to Watch features snapshots of businesses that are thriving – and growing – as selected by the Colorado Office of Economic Development and International Trade and economic development groups and chambers of commerce statewide. Read more about the process and the upcoming event, and check out our business resource guide.
SNAPSHOT:Denver-based Coolerado develops, manufactures and sells innovative air conditioners that use one-fifth or less of the energy required by the most efficient conventional systems.
LEADERSHIP: Mike Luby became CEO in 2008. The company was founded in 2004 and installed its first air-conditioning system that year.
WORK FORCE: Coolerado had 48 full-time equivalent employees and expects to increase to 84 workers in 2010.
PIVOTAL MOMENTS: Coolerado received four patents for its Heat and Mass Exchanger (HMX). The second pivotal moment was the installation of air conditioners in an office building and school in 2004, leading to the prestigious R&D 100 Award and kicking off the first HMX production line. The company’s development of a hybrid system that cools and dehumidifies enables it to sell in humid climates.
COMPANY STRENGTHS: Coolerado air conditioners provide energy savings of up to 90 percent compared with traditional systems. The discovery of a new thermodynamic cycle by Coolerado’s chief scientist, Valeriy Maisotsenko, is the principle behind the patented Heat and Mass Exchanger that gives the company its market edge.
MARKET: Coolerado has installed systems all over the world. Its best-known clients include the city of Denver, Mile High Music Festival, U.S. military and Colorado School of Mines.