AssetCool, a Leeds-based company that helps to tackle grid congestion by increasing the capacity of overhead power lines, has raised £10m in a Series A funding round backed by leading global energy investors.
AssetCool addresses one of the most pressing issues in the energy transition – how to boost the capacity of ageing infrastructure to meet the growing demand for electricity. Its advanced coatings improve the performance of overhead lines, increasing capacity by up to 30% at a fraction of the cost of conventional methods.
The coatings can be rapidly applied to existing lines using AssetCool’s robotic technology. They can also be used to address other common constraints such as noise and corrosion, and to collect data to provide actionable insights.
AssetCool was co-founded in 2016 by Dr Niall Coogan whilst doing a PhD at the University of Manchester. The company was backed from an early stage by NPIF and Mercia, which were joined by Kero Development Partners and Northern Gritstone.
Now based at an industrial campus in Leeds, AssetCool employs a 20-strong team and has successfully deployed its technology with utilities around the world. The funding will enable it to scale globally and grow to 70 staff in the next two years.
“AssetCool is innovating at the nexus between robotics and materials science to bring meaningful improvements to an ageing network,” said Dr Coogan.
“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.”
The oversubscribed round was led by Energy Impact Partners (EIP) with participation from Extantia Capital and Taronga Ventures alongside existing investor NPIF – Mercia Equity Finance, which is managed by Mercia Ventures as part of the first Northern Powerhouse Investment Fund (NPIF).
Sam Bursten, Principal at EIP, said: “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. We’re excited to partner with the AssetCool team and support their global growth, leveraging our strategic utility network to help them scale.”