In a strategic move to accelerate its international operations and mitigate challenges in grid congestion, AssetCool, a UK company based in Leeds, has successfully raised £10 million in an oversubscribed Series A funding round. This achievement marks a significant milestone for the company, as it plans to utilize the investment to not only expand its global reach but also to recruit 15 additional employees over the next 18 months. As the demand for efficient energy transition solutions grows, AssetCool aims to capitalize on this round of funding to further strengthen its market position and technological offerings.
Before the recent funding round, AssetCool’s technological advancements and strategic initiatives have attracted considerable attention. In earlier instances, they received £500,000 through the Innovate UK Smart Grant to advance their coating technologies. Compared to the recent Series A round, this previous grant was pivotal in refining their methods for enhancing power lines. Through consistent innovation, AssetCool continues to translate such funding opportunities into tangible improvements, showcasing their progress and growing recognition in the energy industry.
How is AssetCool Facilitating the Energy Transition?
AssetCool’s technological focus centers on optimizing overhead power lines to increase electrical capacity, addressing key infrastructure constraints. By applying unique coatings that enhance performance and capacity by up to 30%, they offer a cost-efficient solution compared to traditional grid upgrades. These coatings, applied using robotic technology, not only mitigate issues like noise and corrosion but also serve a dual purpose by collecting valuable operational data. Dr. Niall Coogan, AssetCool’s founder, emphasized in the past, “AssetCool is innovating at the nexus between robotics and materials science to bring meaningful improvements to an aging network.” Through their innovations, they empower utilities worldwide to improve grid efficiency without complete overhauls.
What Role Does the Northern Powerhouse Investment Fund II Play?
The Northern Powerhouse Investment Fund II, backed by the British Business Bank, plays a crucial role in AssetCool’s funding. With £660 million allocated for the North of England, it aims to support small and medium-sized enterprises by offering financial packages ranging from £25,000 to £5 million. This strategic funding initiative underscores the importance of regional investments in facilitating technological advancements and economic growth, particularly for companies like AssetCool in the energy sector.
Significantly, the Series A funding round saw prominent participation from Energy Impact Partners and Extantia Capital, along with existing investor NPIF – Mercia Equity Finance, managed by Mercia Ventures. These investments reflect confidence in AssetCool’s potential to offer firm capacity upgrades more efficiently and economically.
Sam Bursten, Principal at Energy Impact Partners, noted, “We’re excited to partner with AssetCool and support their global growth by leveraging our strategic utility network to help them scale.”
AssetCool’s operations are grounded at the University of Leeds campus, spearheaded by a team of 20 talented individuals. Their reach spans beyond the UK, as they have deployed their technology across numerous utilities globally. Through consistent collaborations and innovations, AssetCool demonstrates a strong commitment to addressing critical issues in energy infrastructure.
Looking forward, it is clear that AssetCool’s innovative approaches and strategic funding utilization are paving the way for a more efficient energy grid. Their efforts highlight the potential of integrating cutting-edge robotics and materials science to upgrade existing electrical infrastructures effectively. Through such advancements, regions may observe a gradual alleviation of grid congestion, contributing to a transition towards more sustainable and resilient energy solutions.
