Heat Recovery Innovations
Heat Recovery Innovations News & Insights

NEWS:FOR IMMEDIATE RELEASE

Portsmouth, NH and Boston, MA – Heat Recovery Innovations, Inc. (“HRI”) announced today
that it has closed a growth investment led by Coppermine Capital. Additional partners in the funding
include Nicholas Stork, co-founder and former CEO of Archaea Energy, and Saltonstall & Co. HRI
is a transformational leader in heat exchangers. HRI’s products improve the performance and
efficiency of industrial systems by performing critical waste heat recovery across multiple high-heat
applications.
Proceeds will fund team expansion, production automation, and the development of innovative
solutions that solve decarbonization needs of HRI’s end-users. “For over 25 years, my teammates
and I have specialized in designing and manufacturing high temperature heat exchangers for the most
demanding applications. Our products allow customers to reduce input fuel consumption
significantly, translating into many benefits including lower carbon footprints,” said HRI’s CEO,
Mark Schnepel. “We’re excited to continue to execute on designing and delivering solutions that
exceed our customers’ expectations, and we look forward to starting our next chapter with
Coppermine, Nick, and Saltonstall.”
Harnessing waste-heat through thoughtful closed-loop engineering will be an integral component of
decarbonization going forward for many industries. “We’re enabling efficiency on several fronts,”
said HRI’s CFO, Wes Kimmel. “Our heat exchangers can be applied to existing, hydrocarbon-based
applications to boost efficiency and reduce carbon emissions. Interestingly, our technologies are
finding homes with those focused-on carbon capture, hydrogen, and transportation industries,” said
Kimmel.
Prior to HRI, Coppermine, Stork, and Saltonstall worked closely together on Archaea Energy. “HRI’s
exceptional ability to harness waste heat to improve the uptime, efficiency, and costs of its customers
is a winning combination. We are excited to help take HRI to the next level,” said Zack Gund,
Managing Partner of Coppermine. Nick Stork, co-founder and former CEO of Archaea Energy
added, “The HRI team has unparalleled experience and expertise in providing industry-leading waste
heat solutions. I am excited to partner with Mark and Wes on the next phase of HRI’s growth.”
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as legal counsel to the investor group.

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HRI Receives Growth Investment from Coppermine Capital, Nicholas Stork and Saltonstall & Co. | citybiz

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