Darmstadt-based climate tech start-up Magnotherm has closed a €5 million Seed round to mass produce first sustainable refrigerator.
The round was led by Extantia Capital, BMH Beteiligungs-Managementgesellschaft Hessen mbH, Lauda Dr R. Wobser Beteiligungs-Gmbh and Revent as well as angel investment from Katrin Pucknat, Arne Stoschek, Willi Tscheschner and Christoph Behn via better ventures.
"We have been following the team at Magnotherm for a long time and are really impressed with them. Their highly efficient and sustainable cooling systems are the result of years of research, and they are pioneering a technology that will be part of everyday life in the future - be it through the preservation of products or as a key element of the hydrogen economy. As true pioneers who have found a smart solution to an important climate problem, Timur and Max are poised to accelerate their journey to commercialise a scientific breakthrough," says Torben Schreiter, Partner at Extantia Capital.
Magnotherm’s sustainable refrigerator uses a temperature-active metal that cools down a mixture of water making it a rather friendly choice for the environment. It already has a beverage refrigerator on the market and plans to put this into mass production with the new funds it has received.
Also it will introduce a 3kW refrigerated shelf for food retail, and have their magnetic hydrogen liquefaction validated in the lab with the Helmholtz Center Dresden-Rossendorf..
"Our magnetic cooling is not only up to 40 percent more efficient than conventional solutions, but also produces no direct greenhouse gases. With "POLARIS", we have developed the first magnetic beverage cooler, making us the world's first commercial supplier of this technology at room-temperature. With the financing, we are pushing ahead with the series production of our beverage cooler and accelerating the market development for sustainable refrigerated shelves in food retail," says Timur Sirman, co-CEO of Magnotherm, on the financing round.