A USD 200 million blended capital equity fund supporting early-growth companies delivering cooling applications. Fund investments help de-risk cooling SMEs and attract additional capital.  This fund addresses the urgent need for climate adaptation in emerging markets facing rising temperatures, particularly in sectors like agriculture and healthcare, where effective cooling solutions are essential for food safety and clinic functions.


Emerging markets face a pressing challenge in delivering adequate cooling solutions across various sectors, aggravated by climate change-induced rising temperatures. In India, most rural health clinics and homes lack cooling, and there is a 95% gap in cold storage infrastructure for food supply chains. Developing and scaling new cooling technologies tailored to diverse applications and regions is imperative. However, securing early-stage capital remains a barrier for smaller innovative companies vital for driving innovation. Despite the critical role of cooling technologies in climate adaptation, cold chain investment lags significantly behind, with less than 1% of tracked climate finance allocated towards cooling.


The Sustana Cooling Impact Fund provides catalytic early-stage equity capital, typically from USD 1 to 7 million, sourced from a blended capital fund. Investors include private sector entities, development finance institutions, climate finance agencies, and impact philanthropies, each with distinct return targets. The Fund supports promising cooling technologies with flexible deployment and return terms, aligning with commercial expectations. Investees utilize this equity infusion to accelerate growth, attract additional capital, and deliver greater cooling access. The initial focus on India will serve as a model for tailored sub-funds in other regions, leveraging a robust pipeline of over 40 companies

“Sustana and Climake team members have collaborated with the Lab for several years as proponents and mentors. The Sustana Cooling Impact Fund represents a new climate finance initiative focused on adaptation benefits from cooling applications, alongside delivering strong mitigation results by promoting more efficient cooling technologies. The team sees CPI’s Lab support as crucial for refining the Cooling Fund’s strategy and testing its potential to meet the expectations of climate investors.”

Simmi Sareen, Co-founder at Climake.

Target Impact

Sustana Cooling Impact Fund, with USD 100 million allocated for India, aims to support 15-30 companies delivering cooling applications to enable thousands to adapt and boost efficiency 20-40%. The idea proponent Climake anticipates potentially reducing ~200 million tons of CO2eq emissions through enhanced efficiency. These investments generate broader adaptation benefits, including improved health outcomes and reduced methane from food wastage, further amplifying their positive climate impact.

*Banner photo credit: Smart Joules