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Dublin’s Exergyn raises $35M Series A for solution that replaces GHG-causing refrigerants – TechCrunch

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Dublin-based Exergyn replaces refrigerants with solid materials, reducing the production of greenhouse gases. The technology could be applicable in data centers.

The industrial-grade cleantech company has now raised a $35m (€30m) Series A funding round led by Mercuria, an energy and commodities company, and Lacerta Partners, a fund supported by a family office. Prague-based private equity and venture capital firm McWin also participated.

Exergyn offers a product called Solid State Shape Memory Alloy (SMA) which it says could reduce carbon emissions in sectors such as heating, ventilation, air conditioning, refrigeration (HVACR), l automotive and aerospace. The HVACR industry represents more than 10% of global CO2 emissions.

These SMAs contract and relax as they absorb and release heat, removing refrigerants.

According to the Montreal Protocol, the number one solution to global warming is to remove gases that have global warming potential.

In terms of competitors, the University of Maryland or the University of Ljubljana in Slovenia are studying space, but business entities operating in the same space are thin. Magnetocaloric is like an expensive cousin of SMA, but it is generally considered too expensive.

Commenting on the Series A announcement, Co-Founder and Managing Director Dr. Kevin O’Toole said:
“By joining forces with thought leaders such as Mercuria, Lacerta and McWin, we can expand our offering into several exciting new verticals.”

Speaking of the investment, David Haughie, Mercuria’s Managing Director, said: “Mercuria’s ambition is for these SMAs to eliminate the need for refrigerants in traditional sectors such as the cooling and refrigeration industry, enabling a even more cost-effective operation, with zero HFC-impact on the environment.

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