HT Materials Science, an Irish developer of technology used in heating and cooling systems, has raised €5 million in investment in a Series A funding round led by energy giant Saudi Aramco.
The Dublin-based company, which was founded in 2018 by Tom Grizzetti, Arturo de Risi and Rudy Holesek, produces heat-transfer fluid additives which, when added to existing water and glycol heating and cooling systems, yield improvements in energy use and system capacity.
HTMS claims its flagship Maxwell 2020 fluid products can help businesses seeking to drive down energy costs, increase system capacity and meet climate change and emissions targets.
The global heat-transfer fluid market in which it is operating is worth an estimated €100 billion.
The financing is being used to fund HTMS’s growing list of commercial validation projects;further develop its technology and range of products; scale its manufacturing capability; and invest in sales and distribution networks.
Saudi Aramco Energy Ventures co-led the investment in partnership with Progress Tech Transfer, a Luxembourg-based fund specialising in sustainable technologies.
Saudi Aramco is the world’s largest oil company. It announced a nearly fourfold rise in second-quarter net profit on Sunday last, bolstered by higher oil prices and a recovery in oil demand The state oil producer reported net profits of 95.47 billion riyals (€21.7bn) for the quarter ending June 30th, up from 24.62 billion riyals a year earlier.
“We’re excited to have partners on board that provide us not only with capital, but with access to commercial partners through their broad strategic experience in the markets we serve,” said Mr Grizzetti, HTMS’s chief executive.