Dublin-based Exergyn, which has developed ground-breaking thermal management technology, has raised $35 million (€30m) in investment in a Series A round.
The clean-tech specialist has attracted global attention for its patented emissions-free heat pump that contains no refrigerant gases, one of the main causes of global warming.
Exergyn's founders Kevin O'Toole, Alan Healy and Barry Cullen believe the company's efficient, affordable, emission-free heating and cooling product solutions can change the trajectory of global warming by eliminating refrigerant gases over the next 30 to 40 years.
The investment was led by Mercuria, one of the world's largest integrated energy and commodities groups, and Lacerta Partners, a family office-backed multi-strategy fund. Prague-based private equity and venture capital firm McWin also participated.
About a third of global power consumption goes into heating and cooling, and technologies such as Exergyn’s are seen as key to decarbonising the sector, which is estimated to be worth $1 trillion.
Clean-tech expert Chas Anders Hall previously estimated that the company's technology could be worth in excess of $500 million.
The new financing, which is to be used to bring its thermal management solutions to markets via partnerships with multinationals, comes after a row last year with Exergyn backers over its future direction. This followed Exergyn considering a possible buyout from US heating giant Carrier Global who the company had teamed up with to bring its solution to market.
More than 90 shareholders, who had invested a combined €5.8 million in Exergyn, felt the buyout deal grossly undervalued the company.
Prior to the Series A round, Exergyn had secured about €7 million from private investors and up to €20 million when grants, partnerships and sweat equity were included.
“This is a very exciting time for Exergyn. We are extremely pleased to have raised such a significant level of funding. By joining forces with thought leaders such as Mercuria, Lacerta, and McWin, we can expand our offering into multiple new and exciting verticals,” said Mr O’Toole, the company’s managing director.