AssetCool, a Leeds-based company focused on enhancing the capacity of overhead power lines to alleviate grid congestion, has successfully raised £10 million in an oversubscribed Series A funding round. The investment was led by Energy Impact Partners (EIP), with participation from Extantia Capital and Taronga Ventures, alongside existing investor NPIF – Mercia Equity Finance, managed by Mercia Ventures as part of the first Northern Powerhouse Investment Fund (NPIF).
AssetCool addresses a critical challenge in the energy transition: boosting the capacity of ageing infrastructure to meet the escalating demand for electricity. Its advanced coatings improve the performance of overhead lines, enabling up to a 30% increase in capacity at a fraction of the cost of conventional methods. These coatings can be rapidly applied to existing lines using AssetCool’s proprietary robotic technology. The technology can also mitigate other common issues such as noise and corrosion, and collect data to provide actionable insights for grid operators.
Founded in 2016 by Dr Niall Coogan, based on his research at the University of Manchester, AssetCool received early backing from NPIF and Mercia, later joined by Kero Development Partners and Northern Gritstone. Now based at the University of Leeds campus, AssetCool employs a team of 20 and has successfully deployed its technology with utility companies across the globe. The new funding will facilitate its global scaling and is expected to create 15 new jobs within the next 18 months.
Dr Niall Coogan, CEO and co-founder of AssetCool, commented: “AssetCool is innovating at the nexus between robotics and materials science to bring meaningful improvements to an ageing network. We’ve developed a new range of coatings systematically optimised for overhead lines that makes the grid more efficient and resilient — not by rebuilding it, but by enhancing what already exists.”
Sam Bursten, Principal at EIP, commented: “AssetCool stands out in the market with its ability to deliver firm capacity upgrades faster and more cost-effectively than any alternative we’ve seen. We’re excited to partner with the AssetCool team and support their global growth, leveraging our strategic utility network to help them scale.”
Rob Hornby of Mercia Ventures added: “Having supported AssetCool from an early stage, we are pleased to see it attracting the support of leading global energy investors. We believe it is poised to become a dominant player in the entire grid upgrade market.”
Image source: AssetCool
