Delft, the Netherlands-based Magneto, a startup developing a sustainable alternative to cooling systems, announced on Thursday, July 7, 2022, that it has raised €1M in a fresh round of funding.
The investment came from UNIIQ (Delft Enterprises), SHIFT Invest, Graduate Entrepreneur Fund, and Rabobank.
Magneto-caloric technologies – what is it and how does it help?
Gas compressors have always been a part of refrigeration systems.
These gases leave a large carbon footprint while still being poisonous and deadly even if they are less damaging than they once were.
For instance, refrigerator cooling systems still rely on gas compressors.
These compressors use Chlorofluorocarbons, known from the hole in the ozone layer, and have now been phased out almost everywhere.
However, the fumes are still incredibly polluting today.
In the refrigeration system industry, Magneto has created a dependable response to this expanding issue.
The company says, “We believe that we don’t have to sacrifice our planet for our comfort or vice versa. Current heating and cooling are some of the biggest producers of greenhouse gas emissions. Our technology offers an alternative to producers of appliances for cooling and heating as well as waste heat for power conversion. An alternative that has zero greenhouse gas emissions, saves up to 30 percent of power consumption to their clients, and has a lower cost of ownership.”
The TU Delft spin-off startup is developing 3D-printed magneto-calorific material for heat pumps.
With this material, heat pumps for cooling systems can be made that use liquids, such as water. In addition, the system is up to 30 percent more energy-efficient, claims the company.
Magneto says that the raised capital will help build a portfolio of magneto-calorific materials to make the first functional cooling systems.
The company now has 4 FTEs and is growing to 7.5 FTEs. To realize this growth, the company recently opened its office in YES!Delft – a Europe tech incubator.
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