AssetCool raises £10 million to scale grid tech

A Leeds-based deep tech firm is scaling its operations after securing international investment.

AssetCool, which develops robotic systems and advanced coatings to enhance power grid performance, has raised £10 million in an oversubscribed Series A funding round.

Led by Energy Impact Partners (EIP), the round also saw participation from Extantia Capital, Taronga Group and existing investor Northern Powerhouse Investment Fund (NPIF), managed by Mercia Ventures.

This new funding builds on the support of additional investors, including Kero Development Partners and Northern Gritstone.

Founded by Dr Niall Coogan, AssetCool addresses grid congestion by applying nanomaterial coatings to overhead lines, increasing their thermal capacity by up to 30 per cent. 

Dr Coogan said: “We are laser-focused on doing the hard yards to improve the physical layer of the grid, specifically overhead systems.

“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.”

Sam Bursten, principal at EIP, added: “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.”

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