Buildings represent the largest energy end use in the world, consuming one third of all final energy, and half of global electricity. In commercial buildings, almost 40% of this energy is consumed by equipment that conditions indoor environments – heating, cooling, and ventilating them. To improve the efficiency and quality of space conditioning, a number of new entrants have developed advanced HVAC technologies. In this report, we examine the current landscape of advanced HVAC offerings, and evaluate new entrants using the Lux Innovation Grid. While we uncovered promising innovations in heat and enthalpy recovery, there is more activity by nimble sensors and controls companies poised to uproot the large incumbents. As we see HVAC-related technology “servitized,” good opportunites for building equipment companies, utilities, and investors will present themselves.