AssetCool, a Leeds-based deep tech company pioneering advanced robotics and coatings for power lines, has raised £10m in a Series A funding round backed by global energy investors.
The oversubscribed round was led by Energy Impact Partners (EIP), with 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.
AssetCool addresses one of the most pressing bottlenecks in today’s energy transition: grid congestion. As demand for electricity surges, grid operators are under increasing pressure to boost transmission capacity quickly and affordably.
At the same time, the existing infrastructure is aging, and conventional methods to increase capacity, whilst critical for the energy transition, are slow, costly, and logistically challenging.
AssetCool’s coating platform offers an alternative – capable of increasing the capacity of overhead lines by up to 30% at a fraction of the cost of conventional methods.
“We are laser-focused on doing the hard yards to improve the physical layer of the grid, specifically overhead systems,” said 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 aging 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 stands out in the market with its ability to deliver firm capacity upgrades faster and more cost-effectively than any alternative we’ve seen,” says Sam Bursten, principal at EIP. “We’re excited to partner with the AssetCool team and support their global growth, leveraging our strategic utility network to help them scale.”
