Albotherm raises £1.6M to develop low carbon cooling technology
Albotherm are revolutionising the cooling industry by providing a low carbon solution to temperature regulation for farming and the built environment.
Bristol, 06 June 2023 Science Angel Syndicate investors back Albotherm, a University of Bristol spinout developing a smart coating technology for low carbon temperature regulation.
The round, led by Green Angel Syndicate and supported by Oxford Innovation Finance, Bristol Private Equity Club, Cambridge Angels, Cambridge Agritech, and Science Angels Syndicate, along with InnovateUK funding, will be used to prepare for large scale commercial pilots ahead of first sales within the next two years.
The all-female team, Molly Allington and Dr Sian Fussell, founded Albotherm in 2020 and have since gone on to demonstrate significant traction in the commercial greenhouse industry, boosting crop yields by 34%, and the commercial building space where low carbon cooling solutions are in high demand. Their smart coating reversibly transitions from opaque to transparent to provide shade in high temperatures and allow sunlight through at cooler times, avoiding the need for energy intensive air conditioning systems.
The team has already demonstrated significant impact on crop yields in proof-of-concept field trials. The round will be used to scale up the technology for commercial pilots, establishing their position in the agriculture sector, as well as developing their technology for building applications.
Molly Allington said: “We would like to express our gratitude to Science Angel Syndicate for their unwavering support and belief in our mission. Their strategic investment has not only provided us with the necessary capital but their scientific credibility has also opened doors to further investment opportunities outside of the sector.”
Dr Johnathan Matlock said: "Molly and Sian have rapidly translated the early premise of a temperature responsive coating into a material that is generating positive outcomes for growers. The use of advanced materials to help growers optimise their production is especially critical in an environment of increasing costs and macroeconomic tailwinds. Using this funding round to bring this product to market is an exciting moment to join Molly and Sian on their journey and I look forward to supporting them as they move forward.”
Albotherm is a Spin Up Science Ventures portfolio company as well as an alumni of the Sustainable accelerator programme, run by Sustainable Ventures where Albotherm is also a portfolio company.
Albotherm has previously taken part in the iCURe programme, aimed at university researchers whose research has commercial potential. They are also supported by Future Space, an innovation centre run by Oxford Innovation where Albotherm is based, as well as by Setsquared and IUK Edge programmes.
Dr Ben Miles co-founder of Science Angel Syndicate will remain on the board as NED.
*Risk disclaimer: Investment in early-stage companies involves risks such as illiquidity, lack of dividends, loss of investment and dilution. For professional investors only.
Public relations enquiries
Dr Johnathan Matlock, Director
johnathan@scienceangelsyndicate.com
About Science Angel Syndicate
Science Angel Syndicate was founded in 2021 with a mission to source world-class scientific discoveries, provide unique scientific due diligence and help our members to identify exceptional investment opportunities that tackle the most important global challenges. Our collective knowledge helps our members invest in the most exciting companies of tomorrow, founded by leading scientists at the forefront of their fields.
Learn more about Science Angel Syndicate: www.scienceangelsyndicate.com
About Albotherm
Albotherm’s vision is to revolutionise the cooling industry by providing a low carbon solution to temperature regulation.
Albotherm’s advanced materials use polymer chemistry to automatically switch from transparent to opaque above an engineerable trigger air-temperature, reflecting solar radiation without the need for active cooling systems like air conditioning. Albotherm’s initial focus is on commercial greenhouses, where they demonstrated 34% increase in crop yield compared to other approaches.
