London-based industrial clean heat start-up Futraheat has closed a £1.5 million investment round led by green investors Clean Growth Fund. A brewery trial of its patented technology for industrial heat recovery beckons.
Two year old Futraheat seeks to perfect its high temperature heat pump, targeting industrial heat processes starting at 100 °C. Such hard-to-decarbonise production methods are responsible, the firm says, for more than 3% of global carbon emissions, more than the world’s airlines.
On Futraheat’s drawing board are its Greensteam pump products. At the range’s core, its innovative turbo compressor TurboClaw® offers, the firm says, cost-effectively to recover waste heat – a by-product of many industrial processes – and boost it up to 150 °C, for low carbon re-use on clients’ production & processing lines.
At its Surbiton plant in south west London, Futraheat is prepping its first full sized 300kWt demonstrator, ready for trialling this year at a brewery. Today’s funding, its first equity raise, will lead Greensteam heat pumps towards further trials. A full commercial launch is earmarked for 2024.
Futraheat CEO Tom Taylor, pictured, said: “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. The heat pump will pay back in as little as two years, from fuel cost savings of up to 40%”.
Such features were increasingly important for the firm’s customers, Taylor added, as they seek commercially available means to decarbonise their assets, mandated by 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 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.”
Clean Growth Fund investment director Susannah McClintock echoed Taylor’s excitement.
She said: “We see the commercial potential of Futraheat’s heat pump technology..making a massive contribution to industry efforts to reduce carbon emissions.
“Heat decarbonisation is vital if the UK is to achieve Net Zero and we see the huge potential for Futraheat’s technology in the challenging space of decarbonising industrial heat”, McClintock added.
Clean Growth Fund launched in May 2020. It manages £101m of investments across 11 firms, nurturing the UK’s most promising early-stage pioneers of carbon reduction. Power and energy, buildings, transport and waste are the fund’s focus.
