News & Views
Future Investment in Magnetic Cooling Technology
Apr 06 2023
Temperature control specialist Lauda, along with other investors have completed a finance round supporting start-up MAGNOTHERM, a developer of solutions that do not use refrigerants for cooling applications. With funds concluding at over €5 million, the multiple award-winning start-up plans to start serial production of its first sustainable refrigerator. Lauda has been following the development of this promising new enterprise from Darmstadt since 2019, through its innovative subsidiary new.degree GmbH. The two companies now want to utilise this longstanding relationship and the latest investment of €300,000 to identify strategic reference points for subject areas and projects of shared interest.
MAGNOTHERM was founded out of the Technical University of Darmstadt by the current managing directors, Dr Maximilian Fries and Timur Sirmann and develops sustainable cooling solutions without the use of conventional industrial refrigerants – which are often harmful to the climate. Its technology is based on the use of a temperature-active, magnetic metal to cool a water mixture. In principle, this revolutionary technology can be used for any type of cooling – an advantage that has piqued the interest of the Lauda, a market leader for precise temperature control.
“Equipment from Lauda is used to control temperature in the applications and processes of major future industries around the world,” explained Dr Mario Englert who, as Chief Financial Officer, is responsible for investments.
President and CEO, Dr Gunther Wobser added: “As a world market leader, we want to make the world a better place with precise temperatures – that is our vision and what we put into practice every day. In the future, energy-efficient systems will be needed that conserve resources and minimise harmful emissions. MAGNOTHERM has taken an important step in the right direction, which complements our technological expertise as a world market leader. With our investment, we are laying the foundation stone for a successful collaboration between the start-up and industry and can benefit from one another.”
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