Iceotope attracts funds for liquid cooling from global investors
Round led by Singapore's ABC Impact, which sees growing market for the technology in Asia
UK-based liquid cooling company Iceotope has scored £30 million (c $35.7 million) in a funding round led by Singapore's ABC Impact private equity provider, which sees a growing market for the technology in Asia.
The investment syndicate providing the funding comprises Northern Gritstone, British Patient Capital, Pavilion Capital, and an existing investor, Edinv. Also included is SDCL Energy Efficiency Income Trust, an investment company dedicated to energy-efficiency projects.
According to Iceotope, the investment syndicate also includes nVent, a specialist in heat-management systems and enclosures. In addition to investing, nVent has formed a trading agreement with Iceotope on modular integrated solutions for datacenters, edge facilities, and high-performance computing (HPC) applications.
The announcement comes a week after Iceotope showcased its latest Ku:l Data Center chassis-level cooling technology, developed with Intel and HPE. This allows customers to convert existing air-cooled servers to use liquid cooling with just a few minor modifications.
According to Iceotope, use of liquid cooling is long established in HPC applications, while air cooling has been the preferred approach in traditional enterprise, cloud, and colocation datacenters. This situation is now changing as the power consumption of IT infrastructure continues to rise, and it expects the global datacenter liquid cooling market to be worth $6.4 billion by 2027.
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"Given the global importance of the datacenter sector, which can only increase as edge facilities proliferate, we look forward to accelerating our global deployment plan with the help of our new and existing investment partners," Iceotope CEO David Craig said in a statement.
ABC Impact Chief Investment Officer Tan Shao Ming said that climate and water solutions form a key investment theme for the company, given that a large share of data growth in the coming years is expected to come from Asia.
"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," he said.
Iceotope claims that its chassis-level Precision Immersion cooling offers a reduction in water usage of up to 96 percent, reduction in power consumption of up to 40 percent, and up to 40 percent lower CO2 emissions per kW of IT equipment. ®