Lund University cleantech spin out raises SEK 7.4 million

Nanofreeze Technologies AB raised SEK 7.4 million from Northzone Ventures and TeknoSeed AB to commercialise its thermoelectric elements technology that will enable the re-use of waste heat. The money will fund the company up to the launch of its first product in 2010.

Nanofreeze believes its super-efficient thermoelectric elements will reach a broad market, for example, replacing the compressor in refrigerators, extracting heat generated in electronics and extracting energy from the engine of a car to power the electrical system.

”Nanofreeze is a company that can have a real impact on everyday life if their inventions can be industrialised. Some people even go as far as saying that the technology can radically change the world”, says Gregers Kronborg, General Partner of Northzone Ventures, “Although Nanofreeze is a very young company, the business potential has convinced us that this is a company that we should invest time and money into”.

Nicklas Larsson, CEO of Nanofreeze said, “The capital raised will give us the possibility to continue to develop the company and recruit vital resources specialised in manufacturing of semiconductor material and our product.”