June 7, 2013: Magnetic Refrigeration to be Launched by Cooltech
Company Raises Capital for Launch, Refrigerated Counter Sector to be First Market
STRASBOURG, France — Cooltech Applications announced that it has successfully raised €8 million to enable the final industrialization stage of its magnetic refrigeration technology, which is expected to achieve international commercialization by the end of this year.
Cooltech said it raised the new capital from both its historic shareholders and two new investors: Demeter Partners and 123Venture. The magnetic refrigeration technology is said to have a wide range of applications in both the refrigeration and air conditioning markets — commercial, industrial and domestic refrigeration, and air conditioning of vehicles and buildings.