Irish CleanTech Firm Exergyn Raises $34M in Series A

The Irish CleanTech firm Exergyn has raised $34 million in a Series A funding round to help develop its thermal management technology, according to published reports Friday (Jan. 21).

Founded in 2012, Exergyn says its goal is to fight climate change with a solid-state shape memory alloy technology that removes the need for destructive refrigerants, thus lowering carbon emissions in industries like HVACR (heating, ventilation, air conditioning, refrigeration), aerospace and automotive.

“Exergyn’s mission is to significantly reduce global greenhouse gas emissions by leveraging shape memory alloys (SMAs) to enable the commercial production of groundbreaking, clean energy products,” said Co-founder and Managing Director Dr. Kevin O’Toole.

The company’s solid-state solution replaces toxic refrigerants in heating and cooling products, reducing their environmental footprint significantly. Exergyn argues its heating and cooling product solutions can combat global warming by eliminating refrigerant gasses over the next 30 to 40 years.

With this investment, Exergyn says it will bring its thermal management solutions to market with the help of partnerships with large multinational corporations.

In addition, the company says the funding will support its research and development efforts in Prague and its home base of Dublin, letting Exergyn double the size of its team to 60 people.

Exergyn says it also wants to expand across new verticals like automotive and aerospace to allow for the commercial production of clean energy products.

The funding round was led by Mercuria, an energy and commodities company, and Lacerta Partners, a family office-backed fund, as well as the Prague-based private equity and venture capital firm McWin.

“Mercuria’s ambition is for these SMAs to negate the need for refrigerants in traditional sectors such as the cooling and refrigeration industry, allowing even more cost-efficient operation, with zero HFC-driven impact on the environment,” said David Haughie, the firm’s managing director.

Read more: Ostrom Raises $5M to Go Green

Last week saw the German energy supplier Ostrom raise 4.4 million euros ($5 million) to fund its goal of making the switch to green energy easy and affordable.

Founded last year, the Berlin-based firm said it will use the proceeds from the funding to increase its energy products and develop a super app in Germany, Europe and beyond.