Demeter and 123Venture back Cooltech Applications

The new funding will enable Cooltech Applications to finalise the industrialisation of its thermal machine and start international commercialisation by the end of the year.

Cooltech Applications previously received funding from the French government's innovation arm Oséo and has been part of the €20m industrialisation project Magcop since 2010. Magcop, now in its final phase, has allowed the industrialisation and the development of a production line for Cooltech's thermal machine.

Cooltech is also funded by Ace Management, TechFund Europe (FCPR AIRFI) and Sodiv, as well as Marcel Dassault Industrial Group and Eramet Group's Erasteel Cie.

Company
Created in August 2003 and based near Strasbourg, Cooltech Applications develops magnetic refrigeration technology for applications in fridges and air conditioners, both for domestic and commercial uses.

The company will target the industrial refrigerated counter sector as a first market entry point followed by the hybrid & electric vehicles sector. The business's technology is designed to make cooling systems more economical and environmentally friendly than their conventional counterparts. Cooltech employs 33 people.

People
Sophie Paturle is a partner at Demeter. Jean-Michel Barbier is managing partner of TechFund Europe and fund manager of the AIRFI FCPR. Marc Guittet is a partner at 123Venture.

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