Irish cooling technology firm HT Materials Science (HTMS) has raised $15m in a Series A funding round to globally deploy its heat transfer fluid, Maxwell, aimed at improving commercial and industrial heating and cooling systems. The funding was supported by Barclays, Aramco Ventures, CDP Venture Capital and Progress Tech Transfer. HTMS said Maxwell brings “a substantial reduction in energy consumption and an increase in system capacity”. The firm expects the market for the product to be worth €50bn ($59bn) in Europe and the US. The funding will be used to help HTMS expand to a commercial scale and build on its success so far.
Dublin-Based HTMS Raises $15m to Deploy Heat Transfer Tech
Irish cooling technology company, HT Materials Science (HTMS), has raised $15m to support the global deployment of its proprietary heat transfer fluid called Maxwell. The funding was secured through a Series A funding round, led by Barclays, Aramco Ventures, CDP Venture Capital and Progress Tech Transfer. HTMS expects the market for its heat transfer fluid to be worth €50bn in the US and Europe.
How HTMS’s Maxwell Fluid Works
HTMS claims its heat transfer fluid, Maxwell, brings a substantial reduction in energy consumption and an increase in system capacity for both commercial and industrial heating and cooling systems. The company has already deployed the fluid in various locations across Asia, North America, and Europe.
The Significance of HTMS’s Technology
In 2021, the demand for space cooling experienced the highest annual growth among all building end uses, accounting for almost 16% of electricity consumption in the buildings sector, according to the International Energy Agency. With HTMS expecting an increase in this demand, it believes it will be able to support international efforts to reduce energy consumption and improve energy efficiency.
The Use of Funding
The funding will be used to build on the success that HTMS has had so far and to help grow its market reach to a commercial scale. HTMS CEO Thomas Grizzetti said that the strong endorsement of the company’s technology and vision by major industry innovators had helped to secure the funding.
Strategic Investment
Aramco Ventures CEO Mahdi Al Adel said the investment into the Irish-headquartered company was “very strategic.” He also noted that the application of HTMS technology in cooling systems could help save energy and reduce emissions in Aramco facilities.
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