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HT Material Science (HTMS), a company that develops heat transfer fluid for commercial and industrial HVAC markets, has secured £12.2million in Series A funding from a number of world leading investors.
The companies investing in HTMS include: Aramco Ventures, the venture arm of Saudi Aramco; Barclays, via its Sustainable impact Capital portfolio; and CDP Venture Capital SGR, through its corporate venture capital fund.
HTMS’ products, namely Maxwell, are designed to assist businesses in reducing their energy use and meet regulated energy efficiency targets. The investment comes off the back of recent publications which have revealed that the global energy demand for space cooling alone is expected to triple by 2050.
CEO of Aramco Ventures Mahdi Al Adel said: “For Aramco Ventures this investment into HTMS is very strategic. The application of the HTMS technology in cooling systems can help save energy and reduce emissions in Aramco facilities which is a very positive outcome. 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.”
Simple to install in most HVAC systems, with no downtime or new equipment required, Maxwell is a non-toxic, non-corrosive and recyclable ‘drop in’ additive. Maxwell helps companies to reduce their energy usage and carbon footprint simply and effectively, thus helping to achieve corporate sustainability goals.
Co-head of Principal Investments at Barclays Gavin Chapman said: “As a full-service bank with a global footprint, we are very aware of the challenges that our customers and clients face in reducing their energy consumption, both to reduce their carbon footprint and their costs, and Maxwell™ has the potential to play a significant role. We are excited to be on this journey with HTMS as they expand their reach and increase impact.”
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