MAGNOTHERM closes 6.3 million euro seed financing round

The climate tech start-up MAGNOTHERM has successfully completed its seed financing round with an amount of 6.3 million euros. The aim is to mass produce the first sustainable refrigerator.

The financing round was led by Extantia Capital. It also included Revent, BMH Beteiligungs-Managementgesellschaft Hessen mbH, LAUDA as well as Katrin Pucknat, Arne Stoschek, Willi Tscheschner and Christoph Behn via the business angel club better ventures. The money will be used for the series production of the world's first sustainable refrigerator, which already has a paying clientele.

MAGNOTHERM's technology is based on magnetic materials that cool down a water mixture instead of using toxic cooling gases. Magnetic cooling is up to 40 percent more efficient than conventional solutions and produces no direct greenhouse gases.

Their highly efficient and sustainable cooling systems are the result of years of research and they are pioneering a technology that will be part of everyday life in the future

Torben Schreiter, Partner Extantia Capital

Commercial cooling systems cause around 10 percent of global greenhouse gas emissions and fluorocarbons, which are regularly released when they are scrapped. MAGNOTHERM wants to use the new capital to establish its technology as the industry standard and combat climate change. They plan to go into mass production of their already commercially successful beverage refrigerator and launch a 3kW refrigerated display case for food retailers. The start-up also wants to validate magnetic hydrogen liquefaction in the laboratory with the Helmholtz-Zentrum Dresden-Rossendorf and TU Darmstadt.

About MagnoTherm

MAGNOTHERM is a German company that specializes in the development and production of highly efficient and sustainable refrigeration solutions. The company was founded in 2019 as a spin-off of the Technical University of Darmstadt and consists of experts in the field of permanent magnets and magnetocaloric materials. These include Dr. Maximilian Fries and Timur Sirman as Managing Directors as well as Dimitri Benke as CTO, Jeffrey Pickett as CPO, Dr. Tino Gottschall and Prof. Dr. Oliver Gutfleisch. With its approach, MAGNOTHERM contributes to reducing the environmental impact of traditional cooling systems and increasing energy efficiency.

About Extantia Capital

Extantia Capital is a venture capital firm focused on accelerating the path to a decarbonized world. The firm brings together a broad group of professionals to support companies focused on scaling and deep decarbonization. With a flagship fund, a fund of funds and a sustainability platform, Extantia Capital is on its way to having a positive impact on the future of our planet.

About Revent VC

Revent VC is a Berlin-based venture capital fund with a fund volume of 60 million euros. The company invests across Europe in founders who want to use technology to drive systemic change in the areas of climate, healthcare and empowerment.

About BMH

BMH Beteiligungs-Managementgesellschaft Hessen mbH is a subsidiary of Landesbank Hessen-Thüringen Girozentrale (Helaba) and bundles public investment interests for early-stage, growth and medium-sized companies in Hesse. With seven investment funds and an investment volume of around 125 million euros, BMH has invested in over 500 companies since it was founded, focusing on the software & IT, life sciences, mechanical and plant engineering, industrial goods, professional services and e-commerce sectors. BMH is actively involved in business development in the state of Hesse and works closely with the Wirtschafts- und Infrastrukturbank Hessen (WIBank).