AssetCool, a Leeds-based energy technology company, has successfully raised £10m in a Series A funding round led by Energy Impact Partners (EIP). The investment will enable the company to scale its innovative technology globally and expand its workforce from 20 to 70 staff within the next two years.
The company’s advanced coating technology improves the performance of overhead power lines, increasing their capacity by up to 30% at a fraction of the cost of traditional methods. These coatings can be rapidly applied to existing lines using AssetCool’s robotic technology, addressing not only capacity issues but also common constraints such as noise and corrosion while collecting valuable data.
AssetCool was co-founded in 2016 by Dr. Niall Coogan during his PhD studies at the University of Manchester. The company has already successfully deployed its technology with utilities worldwide and has garnered support from investors including NPIF, Mercia, Kero Development Partners, and Northern Gritstone.
“We’re innovating at the intersection of robotics and materials science to bring meaningful improvements to ageing infrastructure,” said Dr. Coogan. “Our coatings are systematically optimised for overhead lines, making the grid more efficient and resilient without requiring a complete rebuild.”
The funding round saw participation from Extantia Capital and Taronga Ventures alongside existing investor NPIF – Mercia Equity Finance. Sam Bursten, Principal at EIP, praised AssetCool’s ability to deliver capacity upgrades faster and more cost-effectively than alternatives, expressing excitement about partnering with the company to support its global growth.
