Developing a durable photonic materials-based coating, AssetCool wants to cool down overhead power lines. The coating is said to increase the performance of electricity networks as it reduces energy losses, costs and emissions. It has also developed techniques to retrofit existing electricity networks, including through the use of aerial coating robots.
The UK-based climate tech has raised a £2.25 million Series A funding round which was led by Northern Gritstone and includes existing shareholders Northern Powerhouse Investment Fund, managed by Mercia Asset Management and Kero Development Partners.
“As the modern world becomes increasingly reliant on the energy grid to provide electricity for sustainable modes of transport such as electric vehicles, the bottleneck in transmission networks is becoming ever more prevalent. AssetCool’s innovative technology provides a solution to increasing the capacity and efficiency of these networks that has the potential to transform the energy transmission process across the globe," says Duncan Johnson, Northern Gritstone CEO. “With links in both the Universities of Manchester and Leeds, AssetCool is a living example of the breadth of the technology ecosystem in the North of England."
The fresh funding will fuel the commercial rollout of AssetCool’s proprietary coating and see further development of techniques for retrofitting power stations.
“We believe that our photonic coating and related in-situ application technology can offer a discontinuous reduction in costs for adding capacity to overhead lines, helping to facilitate electrification around the world," says Dr. Niall Coogan, Managing Director of AssetCool, who founded the company with Barry Johnston.
Main image credit: Matthew Henry (Upsplash)