Delft, the Netherlands-based Magneto, a startup developing a sustainable alternative to cooling systems, announced on Thursday, July 7, 2022, that it has raised €1M in a fresh round of funding.
The investment came from UNIIQ (Delft Enterprises), SHIFT Invest, Graduate Entrepreneur Fund, and Rabobank.
Magneto-caloric technologies – what is it and how does it help?
Gas compressors have always been a part of refrigeration systems. These gases leave a large carbon footprint while still being poisonous and deadly even if they are less damaging than they once were.
For instance, refrigerator cooling systems still rely on gas compressors. These compressors use Chlorofluorocarbons, known from the hole in the ozone layer, and have now been phased out almost everywhere. However, the fumes are still incredibly polluting today. In the refrigeration system industry, Magneto has created a dependable response to this expanding issue.
The company says, “We believe that we don’t have to sacrifice our planet for our comfort or vice versa. Current heating and cooling are some of the biggest producers of greenhouse gas emissions. Our technology offers an alternative to producers of appliances for cooling and heating as well as waste heat for power conversion. An alternative that has zero greenhouse gas emissions, saves up to 30 per cent of power consumption to their clients and has a lower cost of ownership.”
The TU Delft spin-off startup is developing 3D-printed magneto-calorific material for heat pumps. With this material, heat pumps for cooling systems can be made that use liquids, such as water. In addition, the system is up to 30 per cent more energy-efficient, claims the company.
Magneto is creating a “special” composite specifically for heat pumps. This phenomenon, often referred to as the magneto-caloric effect, occurs when a substance is exposed to a magnetic field. Magneto’s composite does not include any rare elements, despite the fact that several natural compounds also possess this attribute. This makes it possible to create and use the material on a big scale. An essential step for its use, Magneto is the first business in the world to be able to 3D print magneto-caloric material.
Funds for the development of functional cooling systems
Magneto says that the raised capital will help build a portfolio of magneto-calorific materials to make the first functional cooling systems. The company now has 4 FTEs and is growing to 7.5 FTEs. To realise this growth, the company recently opened its office in YES!Delft – a Europe tech incubator.
According to a statement, 200 million gas compressors are created for the refrigeration industry every year. Moreover, there is a growing demand for cooling on a worldwide scale, and by 2050, the market is anticipated to quadruple. Magneto aims to help sustain a portion of this expansion.
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