Iceotope receives a cool £30 million investment

Iceotope Technologies has closed a £30m funding round from a global investment syndicate led by Singapore impact private equity firm ABC Impact. Iceotope’s environmentally efficient technology reduces the energy and water required to cool data centre servers and contributes toward the achievement of net-zero emissions for the data centre industry

The global syndicate includes strategic investments from nVent - a leading global provider of electrical connection and protection solutions, as well as FTSE 250 investment company, SDCL Energy Efficiency Income Trust plc. Other investors in this round include Northern Gritstone, British Patient Capital, Pavilion Capital, and existing investor, Edinv.

As part of a strategic alliance with Iceotope, nVent will offer new modular integrated solutions for data centres, edge facilities, and high-performance computing applications. This alliance will further drive the rapid deployment of Iceotope’s technology globally through its holistic suite of data centre solutions.

Tan Shao Ming, Chief Investment Officer at ABC Impact said: “Climate and water solutions form a key investment theme for us. Given that a large share of data growth in the coming years is expected to come from Asia with the advent of IoT and the 5G rollout, data centres in the region are set to proliferate. Iceotope’s precision cooling solutions enable data centres to transit to a more sustainable infrastructure with a reduced environmental and real estate footprint. By increasing efficiency in their use of energy and water, data centres can contribute to global efforts to reduce carbon emissions. We see vast potential to deploy this technology in Asia, especially regions with tropical climates, and we look forward to working with Iceotope to scale its positive impact.”

David Craig, CEO of Iceotope Technologies said: “This significant investment, one of the largest amounts recently invested in liquid cooling, is a testament to the great work of our designers for our customers across the globe, as well as the many technology and channel partners that have placed their trust in our ability to cool data centre servers more efficiently in a vertical rack form factor. Given the global importance of the data centre sector, which can only increase as edge facilities proliferate and extend to the far reaches of civilization, we look forward to accelerating our global deployment plan with the help of our new and existing investment partners."

While liquid cooling is long-established and has become the standard in high-performance computing (HPC) applications, air-cooling had been the preferred approach in cooling large data enterprise, co-location and cloud data centres. This situation is changing rapidly as the adoption of liquid cooling accelerates, with the global data center liquid cooling market expected to grow at a CAGR of 24.8%[1] to $6.4 billion by 2027.

Engineered to cool the whole IT stack, in every use case, from Hyperscale to the Extreme Edge, Iceotope’s patented Chassis-level Precision Immersion Cooling offers up to 96% water reduction, up to 40% power reduction, and up to 40% carbon emissions reduction per kW of ITE[2]. 100% sealed at chassis level, Iceotope’s liquid cooling solutions offer extreme cooling performance whilst isolating and protecting the critical IT from the surrounding environment and atmosphere. Industry-standard form factors allow simple maintenance and hot-swapping to be carried out – in any location – with ease, without mess, nor the need for heavy lifting gear.

Joe Ruzynski, nVent President of Enclosures said: “I’m excited to deepen our relationship with Iceotope. Together we’ve created sustainable, innovative cooling solutions that efficiently solve for heat and avoid downtime in data centres. Moving forward, we have the opportunity to build on our success and drive the next phase of precision immersion cooling solutions in an exciting and growing space.”

Jonathan Maxwell, founder and CEO of Sustainable Development Capital LLP, SEEIT’s investment manager said: “The data centre market is one of the fastest growing sources of demand for power and cooling globally. We are delighted to be supporting Iceotope in its efforts to expand the use of its innovative energy efficient technology in this dynamic sector.”

In the last 18 months, Iceotope has been widely recognised for innovation with Edge Computing Product of the Year DCS Award 2021, Data Centre Magazine Top 10 Most Innovative Cooling Companies, STL Partners 100 Edge Companies to Watch 2022, and most recently Electrical Review and Data Centre Review Excellence Awards in London winning Data Centre Design & Build Product of the Year and Data Centre Cooling Product of the Year 2022.