Cleantech company Exergyn raises $35 million in Series A round

Dublin-based Exergyn, an industry-leading cleantech company, announced it has raised $35 million (€30 million) in a Series A funding round to drive the rollout of its novel and sustainable thermal management technology. This latest funding round was led by Mercuria, one of the world's largest integrated energy and commodities companies, and Lacerta Partners, a family office-backed multi-strategy fund, with participation from Prague-based private equity and venture capital firm McWin. The investment will see the company bring its thermal management solutions to market through partnerships with large multinational corporations.

Exergyn uses its unique expertise in the application of solid-state shape memory alloy (SMA) to design and develop thermal management product solutions. These product solutions will significantly lower carbon emissions across a wide range of industries such as heating, ventilating, air-conditioning, refrigeration (HVACR), automotive, and aerospace. It will support Exergyn's R&D capability in Dublin and Prague, doubling the size of their team to 60 staff. 

With the HVACR industry alone accounting for more than 10 percent of the global CO2 emissions, the introduction of Exergyn's products into this market could have a massive positive impact. Exergyn's sustainable solid-state solution replaces toxic refrigerants in heating and cooling products, reducing their environmental footprint significantly. Exergyn believes its efficient, affordable, emission-free heating and cooling product solutions can change the trajectory of global warming by eliminating refrigerant gases over the next 30 to 40 years

Mercuria's expertise and experience in the energy space will enable Exergyn to optimise its portfolio of renewable energy assets, better manage market exposure, and develop structured transactions to enhance its product offering. Exergyn will continue to expand across multiple new verticals, including the automotive and aerospace sectors, to enable the commercial production of groundbreaking, clean energy products. 

Commenting on the Series A announcement, Co-Founder and Managing Director Dr. Kevin O'Toole said:
"This is a very exciting time for Exergyn. We are extremely pleased to have raised such a significant level of funding. By joining forces with thought leaders such as Mercuria, Lacerta, and McWin, we can expand our offering into multiple new and exciting verticals. Exergyn's mission is to significantly reduce global greenhouse gas emissions by leveraging shape memory alloys (SMAs) to enable the commercial production of groundbreaking, clean energy products. We are thrilled to leverage this latest funding and begin Exergyn's next phase, offering sustainable, cost-effective, clean solutions to a variety of industries worldwide."

Speaking about the investment, David Haughie, Managing Director at Mercuria noted: "The team behind Exergyn has continually demonstrated the real potential of its unique SMAs, showcasing how durable, efficient and impactful they are. Mercuria’s ambition is for these SMAs to negate the need for refrigerants in traditional sectors such as the cooling and refrigeration industry, allowing even more cost-efficient operation, with zero HFC-driven impact on the environment. We recognise the growing demand for solutions such as Exergyn’s SMA in industries worldwide, and we look forward to supporting the team towards rapid growth as they enter the next phase of the business."

Commenting on their investment, Alexi Papaconstantinou and Ziad Noujaim at Lacerta Partners said:
"Exergyn's technology is bringing much-needed cleantech solutions and an innovative approach to tackling some of the most challenging global greenhouse gas emission issues facing a wide range of industries.  We believe Exergyn is in pole position to develop several real-world solutions and applications that will enable these industries to thrive while significantly reducing their environmental footprint. We are very excited to support this ground-breaking, high-impact venture as it enters the next phase of its growth."