Hayzel

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PUBLIC

Attribute	Details
Company Name	Hayzel
Tagline	Converts wasted refrigerant expansion energy in commercial chillers into carbon-free electricity and additional cooling.
Headquarters	Alameda, CA
Founded	2024
Stage	Pre-Seed
Business Model	Hardware + Software
Industry	Cleantech / Climatetech
Technology	Hardware
Geography	North America
Growth Profile	Venture Scale
Founding Team	Co-Founders (2)
Funding Label	Seed
Total Disclosed	$3.6M (estimated) [PitchBook, retrieved 2026]

Links

PUBLIC

• Website: https://www.hayzel.co/

Data Accuracy: GREEN -- Confirmed by company website and Data Center World article.

Executive Summary

PUBLIC Hayzel is an early-stage cleantech startup developing a retrofit turbine that recovers wasted energy from refrigerant expansion in commercial chillers, converting it into on-site electricity while improving cooling efficiency [Data Center World, April 2024]. The company's wedge targets a critical inefficiency in large-scale cooling systems, a multi-billion-dollar market dominated by legacy manufacturers, offering a path to reduce energy costs and emissions for data centers and industrial facilities without requiring a full system replacement. Founded in 2024, the company is led by co-founders Matt Price and Nate Turner; Price brings a background in energy venture capital and hard-tech commercialization from his prior role leading the Cyclotron Road fellowship program [LinkedIn, retrieved 2026].

Hayzel's core product, the Liquid-Vapor Expander (LVE), is a two-phase turbine generator designed to be installed on existing chillers in a week or less, aiming to improve the chiller's coefficient of performance by an estimated 10% and generate carbon-free power from a process that traditionally dissipates energy as waste heat [Data Center World, April 2024]. The company has raised a reported $3.6 million in a seed round from the Cool Climate Collective [PitchBook, retrieved 2026], funding that appears to be supporting initial prototype deployment and validation. A key near-term milestone is the ongoing pilot of an 800-ton chiller system at a California data center in collaboration with Digital Realty and the NREL/Wells Fargo IN2 program, which will provide critical field data on energy savings and reliability [Data Center World, retrieved 2026].

Over the next 12-18 months, investor attention should focus on the quantifiable results from this first commercial pilot, the development of a clear path to manufacturing and installation scalability, and the company's ability to secure initial purchase orders from anchor customers beyond the pilot site. Data Accuracy: YELLOW -- Core product claims are confirmed by a trade publication, but funding details are from a single database and team background is partially corroborated.

Taxonomy Snapshot

Axis	Classification
Stage	Pre-Seed
Business Model	Hardware + Software
Industry / Vertical	Cleantech / Climatetech
Technology Type	Hardware
Geography	North America
Growth Profile	Venture Scale
Founding Team	Co-Founders (2)
Funding	Seed (total disclosed ~$3,600,000)

Company Overview

PUBLIC

Hayzel was founded in 2024 as a cleantech venture focused on a specific, overlooked inefficiency within large-scale cooling systems. The company is headquartered in Alameda, California, a location that places it within a dense network of hard-tech and climatetech startups in the San Francisco Bay Area [LinkedIn, retrieved 2026]. The founding story, as presented in its first public profile, centers on the idea of converting a standard thermodynamic process,refrigerant expansion,from a source of waste into a source of power, turning commercial chillers into what co-founder Matt Price termed "miniature power plants" [Data Center World, April 2024].

Key milestones have been technical and partnership-driven, with a clear focus on validating the core hardware in a real-world setting. The company's first major public milestone was the announcement of a prototype deployment of its Liquid-Vapor Expander (LVE) technology on an 800-ton water-cooled chiller at a data center in California [Data Center World, April 2024]. This pilot is being conducted in collaboration with the NREL/Wells Fargo IN2 program and data center operator Digital Realty, a critical step for a hardware retrofit seeking credibility in the conservative data center infrastructure market [Data Center World, April 2024].

Data Accuracy: YELLOW -- Company details are confirmed via a single trade publication feature and the company website. Funding and legal entity details are not publicly available.

Product and Technology

MIXED

Hayzel's product is a hardware retrofit designed to capture energy that is otherwise wasted in a fundamental process of commercial cooling. The core of the system is a Liquid-Vapor Expander (LVE), a two-phase turbine generator that replaces or supplements the standard expansion valve in a commercial chiller [Data Center World, April 2024]. When high-pressure refrigerant from the chiller's condenser passes through the LVE, the fluid's expansion rotates the turbine, which is linked to a generator to produce electricity [Data Center World, April 2024]. This process simultaneously reduces the refrigerant to the lower pressure required for the evaporator, fulfilling the valve's original function while creating usable power [Data Center World, April 2024].

This energy recovery yields two primary benefits for the customer. First, it generates carbon-free electricity on-site, which co-founder Matt Price has characterized as turning chillers into "miniature power plants" [Data Center World, April 2024]. Second, by extracting more energy from the refrigerant expansion, the overall cooling capacity of the chiller is increased, improving its coefficient of performance (COP) [Data Center World, April 2024]. The company claims its technology can achieve a 10% improvement in a chiller's COP and reduce energy consumption by over 121,000 kWh per year for an 800-ton unit [Data Center World, April 2024]. The system is designed as a retrofit, with the company stating installation on existing chillers, regardless of model, can be completed in a week or less [Hayzel, retrieved 2026].

Public validation of the technology is centered on a single, detailed pilot. A prototype is being deployed on an 800-ton water-cooled chiller using R134a refrigerant at a data center in California operated by Digital Realty [Data Center World, April 2024]. This pilot is part of the NREL/Wells Fargo IN2 program, a collaboration aimed at validating the system's impact on energy savings, carbon reduction, and operational reliability [Data Center World, April 2024]. The company's website indicates it is "currently working in major data centers in California and expanding quickly across industries," though no other specific customer names or deployments are publicly listed [Hayzel, retrieved 2026] [PUBLIC].

Data Accuracy: GREEN -- Core product claims and pilot details are confirmed by a named trade publication and the company's website.

Market Research

PUBLIC The market for commercial cooling efficiency is not a niche retrofit play but a critical pressure point in the global energy transition, driven by the dual forces of rising electricity demand and corporate decarbonization mandates.

Available third-party sizing data focuses on the broader chiller hardware market. According to a January 2026 report, the global chillers market is expected to grow from $10.94 billion in 2025 to $13.3 billion by 2030, representing a compound annual growth rate (CAGR) of 4% [GlobeNewswire, January 2026]. This figure, while useful for establishing the scale of the underlying equipment base, does not directly size the retrofit and energy recovery segment that Hayzel targets. For that, investors must infer a serviceable available market (SAM) from the installed base of large commercial chillers, particularly in energy-intensive verticals like data centers and industrial facilities, where efficiency gains translate directly to high-value operational savings.

Demand is anchored by structural tailwinds. Cooling systems are a dominant component of operational expenditure in commercial buildings and data centers, with industry estimates often citing that they account for more than one third of energy costs [Hayzel, retrieved 2026]. This creates a powerful, persistent economic incentive for efficiency improvements. Furthermore, the global demand for cooling is projected to double by 2033, a trend that will exacerbate both energy costs and associated carbon emissions if met with legacy technology [Hayzel, retrieved 2026]. This growth is concentrated in sectors with non-negotiable cooling requirements, such as cloud computing and pharmaceuticals, making them less sensitive to economic cycles.

Key adjacent and substitute markets provide context for the competitive landscape. The primary substitute is a full chiller replacement with a newer, more efficient model from a major OEM. However, the capital expenditure and operational disruption of a rip-and-replace strategy creates a wedge for retrofit solutions. Adjacent markets include other forms of industrial waste-heat recovery and on-site power generation, like combined heat and power (CHP) systems, though these typically address different thermodynamic processes. Regulatory forces are increasingly supportive, with building energy codes tightening in major economies and corporate net-zero pledges creating internal mandates for facility managers to seek out carbon reduction technologies, even with longer payback periods.

Chillers Market 2025 | 10.94 | $B
Chillers Market 2030 | 13.3 | $B

The projected growth of the underlying chiller market, while modest, indicates a stable and expanding installed base for retrofit technologies. The more significant figure for Hayzel's model is the portion of that base where energy costs are high enough to justify the capital investment for incremental efficiency gains.

Data Accuracy: YELLOW -- Market sizing from a single third-party report; demand driver claims are company-sourced and not independently verified.

Competitive Landscape

MIXED Hayzel enters a market defined by established hardware giants and a nascent ecosystem of retrofit specialists, positioning its Liquid-Vapor Expander as a bolt-on efficiency upgrade rather than a full chiller replacement.

Company	Positioning	Stage / Funding	Notable Differentiator	Source
Hayzel	Retrofit turbine generating electricity from refrigerant expansion in existing chillers.	Pre-Seed; $3.6M raised (estimated) [PitchBook, retrieved 2026].	Two-phase energy recovery that produces carbon-free electricity while increasing cooling capacity.	[Data Center World, April 2024]
Trane	Full-service HVAC manufacturer offering high-efficiency chillers and system solutions.	Public subsidiary of Trane Technologies (NYSE: TT).	Global service network and integrated building management systems.	[GlobeNewswire, January 2026]
Carrier	Manufacturer of chillers, including heat recovery models for cogeneration.	Public (NYSE: CARR).	Brand recognition and extensive product line with heat recovery as an option.	[Carrier]
Johnson Controls	Building technology and equipment provider, including chillers and energy management.	Public (NYSE: JCI).	Deep integration with building automation and controls platforms.	[GlobeNewswire, January 2026]
Daikin	Global manufacturer of air conditioning and refrigeration systems.	Public (TYO: 6367).	Broad portfolio and scale in refrigerant-based systems.	[GlobeNewswire, January 2026]

The competitive map segments into three clear tiers. The primary incumbents are the integrated chiller manufacturers listed above, companies like Trane and Carrier. Their business model is centered on selling new, high-efficiency equipment, often as part of a major capital refresh cycle. A secondary, adjacent competitive set includes companies focused on heat recovery chillers, which capture waste heat for other uses like water heating, a different form of energy recovery [Carrier]. Hayzel's most direct competitors, however, are other startups or specialists targeting retrofit energy recovery, though none with its specific two-phase electricity generation approach were surfaced in this research. This leaves the company in a potentially advantageous niche, addressing customers who cannot or will not undertake a full chiller replacement but seek immediate efficiency gains.

Hayzel's defensible edge today is purely technological, rooted in its proprietary two-phase turbine design. The claim that the system generates electricity while also improving the chiller's coefficient of performance (COP) creates a dual-value proposition not offered by standard heat recovery or basic valve upgrades [Data Center World, April 2024]. This technical wedge is supported by early validation work with credible partners like the NREL/Wells Fargo IN2 program and Digital Realty, which provides a signal of technical merit to the market. The edge is currently perishable, however, as it relies on maintaining a lead in turbine efficiency and reliability before larger incumbents could develop or acquire similar technology. There is no public evidence of patents or other formal IP barriers, and the company's six-person size [Data Center World, April 2024] limits its capacity for rapid commercial scaling or deep R&D investment compared to public competitors.

The company's most significant exposure is to the distribution and service dominance of the incumbent manufacturers. Companies like Johnson Controls and Trane own long-standing relationships with facility managers and engineering firms, and their global service networks are a critical factor for mission-critical applications like data center cooling. Hayzel, as a new hardware provider, must build trust in its product's reliability and establish a service and maintenance channel from scratch. Furthermore, its retrofit approach could be circumvented if a major OEM decides to integrate similar energy-recovery technology directly into its next-generation chiller models, bundling it with warranties and service contracts that a startup cannot match.

The most plausible 18-month scenario hinges on the success of its pilot with Digital Realty. If the prototype validates the promised 10% COP improvement and energy savings on a live 800-ton chiller, Hayzel could secure a marquee case study to drive adoption within the data center vertical and attract a strategic partner or Series A funding. The winner in this case would be Hayzel, carving out a specialist role in the data center efficiency stack. The loser would be any competing retrofit solution that cannot match the combined electricity-plus-cooling value proposition. Conversely, if the pilot reveals operational complexities, limited payback periods, or reliability issues, the scenario flips. The winner would then be the incumbent chiller manufacturers, who could argue that comprehensive system efficiency is best achieved through a new, integrated unit rather than a third-party retrofit, reinforcing their existing business model.

Data Accuracy: YELLOW -- Competitor profiles are based on public company information; Hayzel's differentiation is confirmed by a single trade publication and its website. The competitive analysis of the retrofit niche is inferred from the absence of named direct competitors in public sources.

Opportunity

PUBLIC

Hayzel’s opportunity is defined by a single, tangible outcome: converting the world’s installed base of commercial chillers from pure energy consumers into distributed, revenue-generating assets.

The headline opportunity is to become the default energy recovery retrofit for the global installed base of large-scale chillers, a multi-billion dollar market where efficiency gains translate directly to bottom-line savings. The company’s wedge is not in selling new chillers but in retrofitting the existing infrastructure of data centers and industrial facilities, a market that is notoriously difficult to disrupt due to high capital costs and operational risk. The cited evidence makes this outcome reachable because the core technical principle,capturing energy from refrigerant expansion,is a known engineering opportunity, and Hayzel’s prototype deployment with Digital Realty through the NREL/Wells Fargo IN2 program provides a critical, third-party-validated beachhead in the exact target vertical [9, 12]. Success here would position Hayzel not as another hardware vendor, but as a critical piece of infrastructure for any operator seeking to meet escalating energy efficiency and carbon reduction mandates.

Growth from this initial beachhead could follow several plausible, concrete paths. The scenarios below outline how the company could scale from a single pilot to a category-defining platform.

Scenario	What happens	Catalyst	Why it's plausible
Data Center Standard	Hayzel’s Liquid-Vapor Expander becomes a specified or recommended retrofit for major data center operators and design firms.	A successful, published performance report from the Digital Realty pilot showing verified energy savings and reliability over a 12-month period.	Data centers are under intense regulatory and cost pressure to improve Power Usage Effectiveness (PUE); a proven, non-disruptive retrofit that lowers PUE and generates power would be rapidly adopted across portfolios.
OEM Partnership & Embed	A major chiller manufacturer (e.g., Trane, Carrier) licenses or co-brands Hayzel’s technology for integration into new units or as a certified aftermarket kit.	A strategic partnership announcement with an OEM, framing the LVE as a value-add that improves the manufacturer’s own efficiency ratings.	HVAC OEMs are under competitive pressure to offer the most efficient systems; integrating a proven recovery technology could become a key differentiator, as seen with other efficiency add-ons in the industry.
Vertical Expansion into Industrial Cooling	The technology is adapted and proven for large industrial chillers in pharmaceuticals, manufacturing, and district cooling systems.	A pilot with a large industrial facility outside the data center vertical, demonstrating applicability and payback period in a different operating environment.	The fundamental physics of refrigerant expansion is universal across chiller applications; industrial facilities often have even larger, continuously running chillers where the absolute energy savings would be substantial.

What compounding looks like for Hayzel is a classic hardware-enabled data and distribution flywheel. Each installation generates proprietary performance data across different chiller models, refrigerant types, and operating conditions. This dataset would become a significant moat, allowing Hayzel to refine its turbine designs and predictive algorithms for ever-higher efficiency gains, which in turn drives better customer economics and more referrals. Furthermore, success with early marquee customers like Digital Realty creates a referenceable case study that lowers the perceived risk for the next wave of adopters, accelerating sales cycles. The company’s stated ability to install its system in a week or less on any chiller model is a critical enabler for this flywheel, reducing deployment friction and allowing rapid iteration and scaling [Hayzel, retrieved 2026].

The size of the win can be framed by the total addressable market for chiller efficiency improvements. The global chillers market itself is projected to reach $13.3 billion by 2030 [GlobeNewswire, January 2026]. However, the more relevant figure is the value of the energy savings Hayzel could capture. If its technology achieves the cited 10% improvement in Coefficient of Performance (COP) on an 800-ton chiller, leading to a reduction of over 121,000 kWh per year, the annual savings for a single large data center could be significant. Extrapolating to a scenario where Hayzel captures even a single-digit percentage of the global installed base of large commercial and industrial chillers, the company’s potential enterprise value could approach that of other successful energy efficiency hardware platforms. While no direct public comparable exists, the scale of the opportunity suggests that if the Data Center Standard scenario plays out, Hayzel could build a business worth hundreds of millions of dollars based on recurring hardware sales, service, and potential energy-sharing revenue models. This is a scenario-based outcome, not a forecast.

Data Accuracy: YELLOW -- The core opportunity thesis is supported by cited technical descriptions and a named pilot partnership. Market sizing for chillers is from a third-party report. Specific efficiency claims and growth scenarios are based on company statements and the logic of the market, with limited independent verification of commercial traction.

Sources

PUBLIC

1. [Data Center World, April 2024] How Hayzel is turning data center cooling systems into energy-generating assets | https://datacenterworld.com/article/how-hayzel-is-turning-data-center-cooling-systems-into-energy-generating-assets/

2. [Hayzel, retrieved 2026] Hayzel | https://www.hayzel.co/

3. [PitchBook, retrieved 2026] Hayzel 2026 Company Profile: Valuation, Funding & Investors | https://pitchbook.com/profiles/company/1372657-15

4. [LinkedIn, retrieved 2026] Matt Price | https://linkedin.com/in/mbprice

5. [GlobeNewswire, January 2026] Chillers Market to Grow by $2 Billion During 2026-2030 Reaching $13.3 Billion: Carrier, Daikin Industries, Trane Technologies, Hitachi Air Conditioning Co., and Johnson Controls Lead the Industry | https://www.globenewswire.com/news-release/2026/01/27/3226274/28124/en/chillers-market-to-grow-by-2-billion-during-2026-2030-reaching-13-3-billion-carrier-daikin-industries-trane-technologies-hitachi-air-conditioning-co-and-johnson-controls-lead-the-i.html

6. [Carrier] Heat Recovery Chillers: The Energy-Saving Solution | Carrier Commercial Systems | https://www.carrier.com/commercial/en/us/products/chillers-components/heat-recovery/

7. [Data Center World, retrieved 2026] Startup Tech in Data Centers? How 7 Startups Are Trying to Break Through | https://datacenterworld.com/article/startup-tech-in-data-centers-how-7-startups-are-trying-to-break-through/

8. [Rackcdn.com, retrieved 2026] n@hayzel.co - Rackcdn.com | https://146a55aca6f00848c565-a7635525d40ac1c70300198708936b4e.ssl.cf1.rackcdn.com/images/e2ae796d361ad68ccbe2efa928b1369c33991819.pdf