Vancouver-based Wafr Technologies has raised $100 million to scale its water-efficient cooling system for AI data centers, with plans to seek another $200 million to reach a $300 million total raise. The company's thermal-battery technology stores cooling capacity when grid electricity is cheap and releases it during peak demand, cutting water use by up to 95% and cooling-related power consumption by up to 80%.
Co-founder and CEO Bikram Singh said the goal is proving that AI growth doesn't have to come at an environmental cost, while co-founder Darrell Kopke said the system "virtually eliminates the need for water" used in evaporative cooling. A typical data center consumes roughly 10 million liters of water a year, with cooling responsible for 30-45% of total electricity load.
Founded in 2025, Wafr plans to use the new funding to launch a Canadian AI research lab and has already signed letters of intent with data-center developers, prioritizing the US market — home to more than 5,300 data centers — and Germany.