LONDON: An international company specializing in additives for industrial heating and cooling systems has raised $5.9 million from a round of funding led by Saudi Aramco Energy Ventures (SAEV) and the Progress Tech Transfer Fund (PTT).
HT Materials Science (HTMS) produces heat transfer fluid additives which, when added to water and glycol heating and cooling systems, yield substantial improvements in energy use.
SAEV is the corporate venturing program of Aramco Ventures, a subsidiary of Aramco.
The Series A financing will be used to fund a number of projects, develop manufacturing capability and invest in sales and distribution networks in the US, Middle East, Europe and Asia.
“The application of the HTMS technology in cooling systems can help save energy and reduce emissions in Aramco facilities and the Kingdom, all of which are very positive outcomes” said Mahdi Aladel, CEO of Aramco Ventures.
Thomas Grizzetti, CEO of HTMS, said the investment “demonstrates confidence in our team, products, technology and strategy as we continue to recruit more industrial partners to demonstrate the various uses of our proprietary technology and scale our business globally.”