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SpinLab alumni Magnotherm closed its seed funding round with 6.3 Mio. €

Apr 4, 2023 5:20:55 PM

Magnotherm Team

The German climate tech startup MAGNOTHERM, working on sustainable refrigeration technology, has just closed its seed funding round with an impressive €6.3 million. Funds will be used for the mass production of the world's first sustainable refrigerator, which already has a paying customer base. Extantia Capital led the round, with Hessen Kapital, Lauda Dr. R. WOBSER Beteiligungs-GmbH, and Revent also investing, along with four investors from the Better Ventures Angel Club. They're now planning to expand into the commercial refrigeration market, which is worth $37 billion.

MAGNOTHERM, a spin-off of Technical University of Darmstadt, uses the giant magnetocaloric effect of resource-efficient iron-based alloys in magnetic refrigeration. The technology makes it possible to build refrigeration and air conditioning systems that use up to 40% less electricity than gas-steam compressor systems, while using no climate-damaging refrigerants. The systems operate at very low working pressures, require less maintenance and are safer than alternative refrigerants. in 2020 MAGNOTHERM joined the SpinLab accelerator program.

Magnetocaloric Materials: The Key to Unlocking Efficient Hydrogen Storage

Hydrogen is a vital component in the transition towards a carbon-neutral society, with estimated global requirements set to increase fivefold by 2050. However, the process of storing hydrogen requires an enormous amount of energy. Approximately one-third of the energy content of hydrogen is lost during liquefaction, rendering the process uneconomical. To address this challenge, a team comprising Helmholtz-Zentrum Dresden-Rossendorf (HZDR), TU Darmstadt, and the startup MAGNOTHERM is collaborating on the Horizon Europe project HyLICAL, with a budget of approximately €5 million. The team aims to improve the technology for storing liquid hydrogen significantly, using magnetocaloric materials that change temperature in response to a magnetic field. This promising development has the potential to revolutionize hydrogen storage and advance the transition towards a sustainable future.

Linh Pham

Written by Linh Pham

Linh holds a master's degree in media and communications. In the past years, she has worked as an employee and freelancer in different editorial offices. Since 2020 she is part of the SpinLab team and is now responsible for public relations.

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