New cooling systems innovator, Thermal Energy Systems Ltd, secures £300K to target OEM market

Thermal Energy Systems Ltd (TESL) has raised £300K funding from a consortium of investors to further develop its novel sorption cooling concepts to reduce the contributions of air conditioning and refrigeration to Climate Change. The new systems replace the strongly global warming hydrofluorocarbon (HFC) refrigerants with CO2 in combination with various sorbents.

The £300k investment will support the development of a Customer Demonstration Rig.  The company, based in Runcorn, Cheshire is currently in discussions with a number of OEMs.

The funding comprised £125K from NESTA with the remaining funds from Liverpool Seed Fund and Enterprise Ventures.

The key benefit of TESL technology air conditioning and refrigeration equipment is that it utilises existing commercial components allowing the industry to introduce units without the need for extensive retooling of production facilities thus reducing both development costs and time to market.

Jonathan Kestenbaum, CEO of NESTA, said: “It is vital that both investment and support continues to be pumped into cutting-edge high potential UK businesses like this to engender their long-term success.”    

TESL Director, John Poole, said:  “We are delighted to receive this funding at a critical stage in our product’s development.  This funding will allow us to take forward our cutting-edge idea and turn it into a physical demonstration model which is already receiving substantial interest from the industry.”

Notes to editors:
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NESTA
NESTA is the National Endowment for Science, Technology and the Arts - a unique and independent body with a mission to make the UK more innovative. It invests in early-stage companies, informs and shapes policy, and delivers practical programmes that inspire others to solve the big challenges of the future.