Omnes Capital has invested EUR1.5m in Cooltech Applications, a specialist in magnetic refrigeration.
Omnes Capital is Cooltech’s third new investor in 2013, following investments by Demeter Partners and 123Venture.
Cooltech Applications is the first company in the world to offer economical, industrial and environment-friendly refrigeration and air-conditioning solutions, based on magnetic cold technology.
Magnetic cold is presented as the most credible alternative to existing compression based refrigeration technologies by the American Department of Energy and the European Commission.
“Magnetic cold developed by our company imposes itself as the solution that meets the needs of both the industry and users of refrigeration and air-conditioning, who are strongly in demand for an alternative to refrigerant gas compressors,” says Christian Muller, founder and chief executive of Cooltech Applications. “After an in-depth market analysis, we have chosen the market of refrigerated displays as our first market segment, where magnetic cold will bring a strong economical and environmental advantage.”
Michel de Lempdes, partner and co-head of venture capital, Omnes Capital, says: “Cooltech Applications brings a real breakthrough in refrigeration with its magnetic cold technology which will allow energy savings of nearly 40 per cent. We are convinced that the future of refrigeration lies in magnetic cold, more reliable and inherently more efficient than compression refrigeration technologies. We have been particularly seduced by the quality of the developments and the industrialisation work realised by Cooltech Applications.”
