Irish start-up, HT Materials Science, has received $15 million in funding from investors, including Aramco Ventures and Barclays, to continue developing Maxwell, its energy-saving fluid. Maxwell is a suspension of aluminium particles that can be added to commercial buildings’ water cooling systems to cut energy consumption by 15% and reduce carbon emissions from heating, ventilation, and air conditioning systems. The product eliminates the need to replace costly systems, which is a significant hurdle in reducing greenhouse gas emissions from buildings. HTMS’s focus is on hiring specialised sales staff to target multinational customers and on further research and development. The company has already sold the product to Aramco, Regeneron, Johnson and Johnson, and real estate giant, Swire Pacific. HTMS has a research partnership with Trinity College Dublin and is headquartered in the Republic of Ireland. The company’s product name, Maxwell, comes from James Clerk Maxwell’s equation for heat transfer.
Irish start-up HT Materials Science secures $15m backing for energy-saving fluid
HT Materials Science (HTMS), an Irish start-up, has received $15 million in funding from investors including Aramco Ventures and Barclays to continue developing its energy-saving fluid, Maxwell. The product can be added to commercial buildings’ water cooling systems, which improves efficiency and reduces heating, ventilation, and air conditioning carbon emissions. The fluid, which is a suspension of aluminium particles, also cuts energy consumption, leading to a 15% reduction in energy bills.
The funds will be used to hire specialised sales staff to target multinational customers and continue with research and development, according to HTMS chairman Kyran McStay. The firm has already sold the product to US pharmaceutical groups Regeneron and Johnson and Johnson, real estate company Swire Pacific, and Aramco.
Maxwell eliminates the need to replace costly heating, ventilation, and air conditioning systems, which is a significant hurdle in reducing greenhouse gas emissions from buildings. Companies often cannot afford to replace expensive systems, which leaves them with limited options to reduce energy usage. However, HTMS targeted multinationals as they often have complex systems and many buildings.
Mr McStay said that the company has overcome the trial sales stage and should soon have bigger deals with customers. This is good news for the environment as commercial buildings account for a significant proportion of carbon emissions, and any reduction in energy consumption can have a positive impact.
Irish start-up HTMS names its product after James Clerk Maxwell’s equation for heat transfer
Irish start-up HTMS’s energy-saving fluid, Maxwell, gets its name from James Clerk Maxwell’s equation for heat transfer, which is widely known among engineers. The product is a suspension of aluminium particles that can be added to commercial buildings’ water cooling systems, reducing energy consumption and bills by 15% while lowering carbon emissions from heating, ventilation, and air conditioning systems.
The company’s focus is on hiring specialised sales staff to address potential buyers’ concerns, as the product eliminates the need for costly system replacements, which is a significant hurdle in reducing greenhouse gas emissions from buildings. HTMS has a research partnership with Trinity College Dublin and is headquartered in the Republic of Ireland, with some employees in Italy, where the product is made. The firm has already received backing from Enterprise Ireland and sold the product to multinational companies.
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