Portfolio company, Albotherm, secures £1.6M in follow-on funding
Albotherm, one of our investment portfolio companies, has just announced the close of its £1.6M seed investment round.
Albotherm specialises in the development of low carbon cooling coatings which aim to revolutionise temperature regulation. They have developed a reversible coating for glass surfaces that can switch between opaque and transparent, providing shade in high temperatures and allowing sunlight through at lower temperatures.
As global temperatures rise, there is an ever-increasing need to find sustainable solutions to regulate temperatures in indoor settings. This is particularly an issue in greenhouses where 25% of crop yields can be destroyed by excess heat and light, threatening the farming industry and global food security. Albotherm’s temperature-responsive materials will maximise food productivity in commercial greenhouses and contribute to a more sustainable and resilient food system. The technology also has wide applications in the building sector, where low carbon cooling systems are in high demand.
Building on the investment and business support provided as part of our accelerator programme, the team has been working to further develop their heat responsive technology.
Thermal test chamber demonstrating Albotherm's innovative coating. Built by Sustainable Ventures Design.
Albotherm has now announced a £1.6M seed investment round which will enable the team to further develop its smart coating technology within the commercial building and greenhouse sectors. The investment was led by Green Angel Ventures and supported by Oxford Innovation Finance through its angel platform OION, Bristol Private Equity Club (BPEC), Cambridge Angels, Cambridge Agritech, and Science Angels Syndicate (SAS), along with a £500k Innovate UK grant.
This follow-on investment represents a significant vote of confidence in Albotherm's vision and potential to transform the cooling industry. The funding will enable Albotherm’s all-female team, led by Molly Allington (CEO) and Dr Sian Fussell (CTO), to further develop their technology, scale up manufacturing capabilities, and complete large scale commercial pilots, allowing the company to bring its first products to the greenhouse market within the next two years.
"We are delighted to have received investment to propel our technology development into large scale commercial pilots. Gaining support from prominent investors such as GAV, will help us realise our vision to contribute to a more sustainable and resilient food system.”
Molly Allington, CEO of Albotherm Ltd