MAGNOTHERM closes 6.3 million euro seed financing round

The climate tech startup MAGNOTHERM has successfully completed its seed financing round with an amount of 6.3 million euros. The goal is the series production of the first sustainable refrigerator.

The funding round was led by Extantia Capital. It also included Revent, BMH Beteiligungs-Managementgesellschaft Hessen mbH, LAUDA, and Katrin Pucknat, Arne Stoschek, Willi Tscheschner and Christoph Behn via the business angel club better ventures. The money will be used for 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 refrigerant 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 become commonplace in the future

Torben Schreiter, Partner Extantia Capital

Commercial refrigeration systems account for about 10 percent of global greenhouse gas emissions and fluorocarbons that are regularly released when they are scrapped. With the new capital, MAGNOTHERM aims 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 introduce a 3kW refrigerated shelf for food retailers. The startup also wants to have magnetic hydrogen liquefaction validated in the lab with the Helmholtz-Zentrum Dresden-Rossendorf and TU Darmstadt.

About MagnoTherm

MAGNOTHERM is a German company specializing in the development and production of highly efficient and sustainable refrigeration solutions. The company was founded in 2019 as a spin-off from the Technical University of Darmstadt and consists of experts in the field of permanent magnets and magnetocaloric materials. They include Dr. Maximilian Fries and Timur Sirman as CEOs, 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 track to make a positive impact on the future of the planet.

About Revent VC

Revent VC is a Berlin-based venture capital fund with a fund size of €60 million. 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 invested investment volume of around 125 million euros, BMH has invested in more than 500 companies since its foundation, focusing on the software & IT, life sciences, mechanical and plant engineering, industrial goods, professional services and e-commerce sectors. BMH is actively involved in the business development activities of the State of Hesse and works closely with Wirtschafts- und Infrastrukturbank Hessen (WIBank).