Leeds-based AssetCool, a UK company focused on improving overhead power line capacity to address grid congestion, has secured £10M (nearly €11.56M) in an oversubscribed Series A funding round.
The round was led by Energy Impact Partners (EIP), with additional participation from Extantia Capital, Taronga Group, and existing investor Northern Powerhouse Investment Fund, managed by Mercia Ventures.
This new funding builds on the support of additional investors, including Kero Development Partners and Northern Gritstone.
Facilitating the energy transition
AssetCool tackles the challenge of increasing electrical capacity in ageing infrastructure during the energy transition. The company develops and deploys both coating and robotic systems for grid upgrades. It covers the full value chain, from coating formulation to deployment on overhead lines and performance validation.
AssetCool develops coatings that enhance overhead line performance, boosting capacity by up to 30 per cent with a solution that’s up to 20 times cheaper and deployable in a fraction of the time.
The company applies nanomaterials to overhead conductors to improve thermal performance. Its “CapacityN” robotic platform enables fast deployment of coatings on existing grid infrastructure. These robots address constraints such as limited capacity, noise, and corrosion, and support data collection and AI-driven analysis for operational insights.
“We are laser-focused on doing the hard yards to improve the physical layer of the grid, specifically overhead systems,” says Dr. Niall Coogan, CEO and co-founder of AssetCool. “The AssetCool team is innovating at the nexus between robotics and materials science to bring meaningful improvements to an ageing network. We’ve developed a new range of coatings systematically optimised for overhead lines that makes the grid more efficient and resilient – not by rebuilding it, but by enhancing what already exists.”
AssetCool’s technology has been used by multiple utilities worldwide and offers grid operators a way to increase capacity and resilience without traditional upgrade timelines or costs.
Sam Bursten, Principal at EIP, adds, “AssetCool stands out in the market with its ability to deliver firm capacity upgrades faster and more cost-effectively than any alternative we’ve seen. We’re excited to partner with the AssetCool team and support their global growth, leveraging our strategic utility network to help them scale.”
AssetCool previously secured £500,000 from the Innovate UK Smart Grant 2024 to advance the development of next-gen in-situ coating robots, aimed at improving power line capacity, corrosion resistance, ice protection, and noise reduction.
Brief about the Northern Powerhouse Investment Fund II
The British Business Bank has launched the £660M Northern Powerhouse Investment Fund II (NPIF II). The fund covers the North of England and provides loans from £25K to £2M and equity investment up to £5M to small and medium businesses.
NPIF II offers debt and equity funding through loans from £25K to £100K, debt finance from £100K to £2M, and equity investment up to £5M. The fund operates with Combined Authorities, Local Enterprise Partnerships, Growth Hubs, and intermediaries, including accountants, fund managers, and banks.
Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, supports the fund.
The British Business Bank is a development bank owned by the HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are regulated by the Prudential Regulation Authority or the Financial Conduct Authority.
01
From telecom veteran to Dutch Startup Visa success: The Jignesh Dave story