Dublin cleantech start-up Exergyn nets €30m in Series A funding boostBlathnaid O’Deaon January 21, 2022 at 12:20 Silicon RepublicSilicon Republic

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Dublin-based cleantech start-up Exergyn has raised $35m (€30m) in its Series A funding round.

The Series A round was led by commodity trading multinational Mercuria and family office-backed multi-strategy fund Lacerta Partners. Prague-based private equity and venture capital firm McWin also participated.

The funding boost will enable the start-up to bring its latest thermal management tech to market. Exergyn designs and develops shape memory alloy (SMA) technology to help its industry partners reduce their carbon footprint and increase their sustainability. SMAs are materials with an ability to revert to their original shape following deformation upon exposure to a specific temperature.

Exergyn co-Founder and managing director Kevin O’Toole said that by joining forces with “thought leaders” such as Mercuria, Lacerta, and McWin, his team would be able to expand its 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 ground breaking, 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,” O’Toole added.

The heating, ventilating, air-conditioning, refrigeration industries alone account for a sizeable chunk of global CO2 emissions. The introduction of Exergyn’s products into the market could reduce toxic refrigerants in heating and cooling products, thus reducing their environmental footprint significantly. The company’s team believes its product can change the trajectory of global warming by eliminating refrigerant gases over the next 30 to 40 years.

Its target market includes waste conversion plants, landfill sites, district heating schemes, smart city hubs, geothermal sites and shipping. Its SMA core technology can be dropped into a company’s existing energy system, enabling them to improve the air quality of their commercial operations.

Exergyn was founded in 2012 by Alan Healy, Barry Cullen and Kevin O’Toole. It emerged from Dublin City University’s DCU Alpha campus. Since then, the company has been supported by equity investment and grants from Enterprise Ireland, SEAI, EU Horizon 2020, Carbon Trust UK and the Irish Government’s Disruptive Technologies Innovation Fund. It currently has more than 100 worldwide patents.

It employs 33 staff across Dublin, the UK, the US, and the Czech Republic. The funding will also go towards expanding its total staff headcount to 60.

David Haughie, managing director at the start-up’s investors Mercuria said, “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.”

According to Alexi Papaconstantinou and Ziad Noujaim at Lacerta Partners, “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.”

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