Vancouver, BC, Dec. 02, 2024 (GLOBE NEWSWIRE) -- ClimateDoor, www.climatedoor.com, is pleased to announce significant advancements for its portfolio company, Polar Beer Taps. The company has successfully raised $2.7 million in financing, which includes a $1.1 million seed round involving ClimateDoor, angel investors, and its first institutional investor, WUTIF Capital, along with a recent strategic financing of $1.6 million from IFR Holdings. These milestones mark a crucial phase of growth and innovation for Polar Beer Taps.
Strategic Partnership and Financing with IFR Holdings
Polar Beer Taps is excited to announce a strategic partnership with IFR Holdings, the driving force behind Green Theory Design, known for excellence in global manufacturing and sales.
The collaboration comes with an investment of $1.6 million, enabling the production of 180 Polar Beer Taps machines in the coming months. This financing will allow Polar Beer Taps to scale operations significantly, laying the groundwork for manufacturing thousands more units as the company seeks to expand into international markets.
The partnership with Green Theory extends beyond financial investment. The company will provide extensive support in engineering, manufacturing, sales, marketing, warehousing, and accounting, enhancing Polar Beer Taps' growth trajectory and market presence.
Introducing the "Bistro” Unit
As part of this collaboration, Green Theory will manufacture a new product line created by Polar Beer Taps called the "Bistro” unit, which targets both indoor and outdoor kitchens. This addition diversifies Polar Beer Taps' offerings and opens up a significant new revenue stream. Green Theory's comprehensive support in engineering, sales, marketing, and logistics will further bolster Polar Beer Taps' capabilities, ensuring a competitive edge in the market.
Facility Expansion and R&D Development
In conjunction with this partnership, Polar Beer Taps has moved into a new facility, expanding from 750 square feet to over 2,500 square feet, with ample room for future growth. This improved manufacturing and office space is designed to meet increasing production demands while allowing for collaboration with Green Theory.
Additionally, a new R&D lab is being established to simulate various weather conditions and humidity levels, ensuring the optimal performance of Polar Beer Taps machines in all environments.
Summer Event Impact
Polar Beer Taps has made a substantial impact at over 40 high-visibility events this summer, receiving accolades for its innovative technology and validating its business model. Highlights include:
- Wrexham FC x Whitecaps Game: Featuring machine placements in the Ryan Reynolds Suite and various government suites.
- Bootleggers Festival + Drone Show: The Polar Beer Taps logo prominently displayed in the drone show.
- Vancouver Craft Beer Week and Vancouver Island Great Canadian Beer Festival: 15 machines deployed at one event.
- Participation in several festivals and sporting events, including Vancouver Oktoberfest and the Minto Cup Lacrosse Tournament.
These engagements have reinforced the company's rental price point at $500 per day per machine, validating both its market strategy and operational model.
Looking Forward
With the support of IFR Holdings and momentum from successful summer events, Polar Beer Taps is well-positioned for rapid expansion and innovation. The upcoming year holds promise with plans for increased production and expanded market reach. The company is committed to keeping shareholders informed and engaged as it navigates these exciting developments.
Nick Findler, President of ClimateDoor, stated, "We are thrilled to enter this new chapter with the backing of IFR Holdings. We are excited about the future of Polar Beer Taps and the positive impact we will create in the beverage industry.”
Thank You for Your Support
Polar Beer Taps extends its gratitude to all shareholders, partners, and supporters for their continued belief in its vision. Together, the company looks forward to achieving exceptional results and pushing boundaries within the industry.
For media inquiries, please contact:
Nick Findler
President, ClimateDoor
778-952-0418
CONTACT: ClimateDoor
