Dublin-based HTMS raises $15m to deploy heat transfer tech

22 Mar 2023

Image: © denboma/Stock.adobe.com

HTMS says its heat transfer fluid can help reduce energy consumption and believes the market is worth €50bn in the US and Europe.

Irish cooling technology company HT Materials Science (HTMS) has secured $15m to support the global deployment of its heat transfer fluid.

The Series A funding round was supported by Barclays, Aramco Ventures, CDP Venture Capital and Progress Tech Transfer.

Founded in 2018, the Dublin-headquartered company has developed its own heat transfer fluid to improve both commercial and industrial heating and cooling systems. The company expects this product’s potential market to be €50bn in the US and Europe.

HTMS claims this fluid – called Maxwell – brings a “substantial reduction in energy consumption and an increase in system capacity”. The company said it has deployed the fluid in sites across Asia, North America and Europe.

In 2021, the company raised €5m in another Series A round to develop its range of products and further develop its technology. This earlier funding round was led by Aramco Ventures.

Speaking on the new investment, HTMS CEO Thomas Grizzetti said the funding will build on the company’s success to date and help “grow our market reach to a truly commercial scale”.

“This support from major industry innovators serves as a strong endorsement for our technology and vision,” Grizzetti said.

“Thanks to the ease of installation, and use in both new and existing HVAC systems, we believe that, at scale, Maxwell can have a material impact on energy usage and the carbon footprint of a broad range of industries and sectors.”

In 2021, the demand for space cooling experienced the highest annual growth among all buildings end uses, accounting for nearly 16pc of electricity consumption in the buildings sector, according to the International Energy Agency.

HTMS expects this demand to increase in the future and believes it will be able to support international efforts to reduce energy consumption and improve energy efficiency.

Aramco Ventures CEO Mahdi Al Adel said the investment into the Irish-headquartered company is “very strategic”.

“The application of the HTMS technology in cooling systems can help save energy and reduce emissions in Aramco facilities,” Al Adel said. “Aramco Ventures is immensely proud of its partnership and relationship with HTMS, and we look forward to being part of their future success and achievements.”

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Leigh Mc Gowran is a journalist with Silicon Republic