Clean heat technology start-up Futraheat has closed a £1.5 million seed round to accelerate product development and commercialisation of its high-temperature heat pump technology.
The seed round, led by Clean Growth Fund, a UK-based cleantech venture capital fund, will support the start-up’s modular Greensteam heat pump products.
Futraheat stated that its high-temperature heat pump technology will “cost-effectively recover low grade waste heat – a by-product of many industrial processes – and boost it up to 150 degrees, where it can be successfully reused onsite”.
The heat pumps utilise a novel type of patented turbo compressor, known as TurboClaw.
Futraheat confirmed it is developing its first full sized 300kWt technology demonstrator for its heat pump technology. This will be developed at its Surbiton facility which will be trialled at a brewery in 2023.
The funding will be used to productionise the Greensteam heat pump for wider commercial trials and product launch in 2024.
“The Greensteam high temperature heat pump, when replacing a fossil fuel boiler, will reduce energy consumption by up to 90% and reduce carbon emissions by up to 100% when the heat pump is powered by renewable energy,” said Tom Taylor, CEO at Futraheat.
“The heat pump will payback in as little as two years from fuel cost savings of up to 40%. This is becoming increasingly important for our customers who are looking to the market for commercially available solutions to decarbonise their assets, given upcoming net zero targets and high energy prices.
“This funding represents a significant milestone for Futraheat as we move from a technology to a product developer. With this funding we will work towards our company mission of decarbonising industry through electrification technology, making a meaningful dent in global emissions. We are pleased to be working with Clean Growth Fund, who share this vision and provide a wealth of expertise and know-how in this area.”
