Cooling Technology: A Critical Factor in Achieving Global Net Zero Targets
Cooling systems are one of the unsung contributors to global energy demand, yet their impact is anything but small. From refrigeration in grocery stores to air conditioning in homes and offices, cooling is essential for modern life, but its environmental footprint is enormous. According to the International Energy Agency (IEA), an estimated 250 gigatons (Gt) of CO₂ emissions from cooling must be avoided by 2050 to achieve Net Zero targets. Without major innovation in how we cool our food, spaces, and industrial processes, this critical sector could become a major roadblock in the global effort to mitigate climate change.
Traditional cooling systems rely on synthetic refrigerant gases, which are not only harmful when leaked but also energy-intensive to operate. Large corporations—especially retailers and brand owners—are increasingly under pressure to reduce the carbon intensity of their cooling operations to meet their Net Zero commitments. However, achieving this while simultaneously cutting operational costs and maintaining the performance expected by consumers has been a significant challenge.
As global demand for cooling continues to rise, driven by population growth, urbanization, and climate change, the need for more efficient, sustainable cooling technologies becomes ever more urgent. The solution lies in new technologies that can deliver significant energy savings, reduce carbon emissions, and eliminate the reliance on harmful refrigerants. Innovations like Camfridge’s magnetic cooling technology are set to revolutionize the industry by addressing these issues head-on, providing both environmental and financial benefits.
Greenbackers is pleased to introduce Camfridge, that has developed a solid-state, energy-efficient, and circularly recyclable magnetic cooling technology initially targeted to commercial cooling, but with applicability to a range of cooling applications.
Why Camfridge:
- Innovative technology: Camfridge’s patent protected magnetic cooling system is free from refrigerant gases, low carbon to produce and circularly recyclable at end-of-life. It is energy efficient, durable and low-maintenance – reducing operating costs and total cost of ownership. This helps commercial users achieve their net zero goals by cutting carbon, as well as reducing operating costs.
- Commercial traction: Camfridge earned first product revenues in 2023/4 for an appliance with EPTA for RedBull, won the XTC climate and circularity challenge in Silicon Valley, and has raised £2.4M from Angels. They work with OEMs – EPTA and Arcelik/Beko – to develop next-generation appliances for end-users, and have recently agreed a framework collaboration agreement with a leading OEM.
- Market potential: Camfridge revenue model has three elements: Services (development of pilot systems), Licensing system IP (to OEMs), and component sales (supply of core cooling components to licensees). Their market entry is through point-of-sale appliances, purchased by retailers (e.g. Sainsbury’s) and brand owners (e.g. Coke). Revenues are projected to grow rapidly, to £100M+ over the next 8 years, with a range of cooling applications – commercial, domestic and industrial.
Investment Snapshot:
- Type: Late Seed Round
- Target amount: £2.15m
- Minimum contribution: £100k
For further information or to speak with Camfridge directly contact:
Annika Borrmann at [email protected]
