University of Bristol spinout Albotherm lands £1.6m investment
University of Bristol spin-out Albotherm, whose innovative carbon-saving coating for commercial greenhouses could boost food production by a third, has secured a £1.6 million investment.
The investment was led by Green Angel Ventures and supported by a £500,000 Innovate UK grant. The investment will enable Albotherm to further develop its smart coating technology, which has the potential to enhance food productivity in commercial greenhouses by up to 34 per cent.
Albotherm’s innovative coating automatically adjusts how much light it lets through in response to changes in the temperature.
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This means commercial greenhouses can maintain optimal conditions for growing produce without the need for active cooling systems.
Molly Allington, Albotherm Ltd’s CEO, said: “We are delighted to have secured this investment. Albotherm empowers farmers to create optimal growing conditions for crops, resulting in improved yields and increased profitability, contributing to a more sustainable and resilient food system.”
The idea for the coating emerged during Dr Sian Fussell’s PhD research into temperature-responsive materials at the University of Bristol.
Dr Fussell, CTO of Albotherm, said: “As a female founder in the sustainable technology sector, I am inspired by the growing recognition and support for diverse voices and perspectives.
"Our dedication to sustainability have resonated with investors, and this funding will enable us to further refine and scale our temperature-responsive materials.”
The £1.6m investment was supported by prominent investors including Oxford Innovation Finance through its angel platform OION, Bristol Private Equity Club (BPEC), Cambridge Angels, Cambridge Agritech, and Science Angels Syndicate (SAS). The funding consists of £1.1m equity finance plus £500k grant funding.
Nick Lyth, president of Green Angel Ventures: “We have been greatly impressed by Albotherm. The ability, dedication and determination of its two remarkable founders is both a testament to the commercial potential of the company, and an inspiration for those who care about diversity in climatetech. Their work will help make the world a better and safer place.”
