Materials science startup Barocal announced that it has raised $10 million in a Seed funding round, with proceeds aimed advancing the commercialization of its solid-state cooling and heating platform technology.

Heating and cooling sector emissions are responsible for around 15% of annual global greenhouse gas emissions, with cooling alone accounting for more than 4 Gt of CO₂e in 2022, with demand expected to triple by 2050.

Founded in 2019 as a Cambridge University spin-out by materials researcher Prof. Xavier Moya, Baracol has patented solid-state platform technology designed to replace conventional vapour-compression cooling systems at cost parity while significantly reducing emissions.

The company said that it will initially target high-growth applications, including data centre cooling and commercial refrigeration, tapping into a ~$450 billion global HVAC market that is expected to surge to ~$577 billion by 2033.

Prof. Xavier Moya, Founder of Barocal said:

“Heating and cooling have always been the elephant in the room when it comes to emissions, and ours is a set of materials that could change history. We are building something truly revolutionary. The world can only hit a 1.5 degree target if we cut emissions by around half – solving heating and cooling emissions would achieve that goal.”

The funding round attracted commitments from World Fund, Breakthrough Energy Discovery, Cambridge Enterprise Ventures and IP Group.

Mark Windeknecht, Principal at World Fund said:

“Barocal has achieved what scientists have struggled to do for decades – a materials breakthrough delivering solid-state materials that finally enable new cooling and heating platform technology that competes with vapour-based incumbents.”