i2Cool Secures Series B Funding for Nanoparticle Production Expansion

i2Cool, a Shenzhen-based company specializing in electricity-free passive radiative cooling materials, has secured tens of millions of yuan in Series B funding from Shenzhen TopoScend Capital. The financing, facilitated by Linglu Capital as exclusive financial advisor, will support the company’s expansion and technological advancements.

Founded in 2022, i2Cool has established a robust platform for the research, manufacturing, and commercialization of radiative cooling materials. The company's core technology, built on full-spectrum thermal management, includes the ability to reflect solar radiation and emit thermal energy through the atmospheric window. This technology has achieved a solar reflectivity and mid-infrared emissivity of more than 95%, making i2Cool's solutions highly effective in reducing heat gain and energy consumption.

i2Cool's "Particle+" platform revolves around standardized functional nanoparticles, extending the company's core radiative cooling materials into various applications such as coatings, films, powder coatings, textiles, automotive coatings, and exterior wall tiles. The company's founders, Professor Edwin Chi-Yan Tso and Professor Martin Y. Zhu, bring extensive research experience and a strong academic background. Tso, Associate Dean (Internationalisation and Outreach) and Chair Professor of Energy and Sustainability at the School of Energy and Environment, City University of Hong Kong, has been recognized for his contributions to radiative cooling research. Zhu, an Adjunct Professor in the Department of Management at City University of Hong Kong's College of Business, has received accolades including inclusion on the Forbes China 30 Under 30 list in 2024.

The company's solutions have already reached more than 30 countries and regions, with an order backlog of CNY 120 million and a three-year compound annual growth rate of 377% in operating revenue. i2Cool's commercialization efforts have expanded into high-growth areas such as AI data centers, robotics, and new energy vehicles. The company has partnered with industry leaders including Sunwoda Electronic Co., Ltd., The Hong Kong and China Gas Company Limited (Towngas), and Toyota Tsusho Corporation.

The funding will be used to build standardized nanoparticle production lines, advance core technology development, recruit key talent, and accelerate commercialization in priority markets worldwide. i2Cool aims to build a platform company in the sector, focusing on functional nanoparticles, materials design, and AI-enabled R&D to address real heat-management challenges in both industrial applications and everyday life.

Yanping Shi, Vice President of TopoScend Capital and General Manager of the Duliang Advanced Industries Investment Fund, stated, "The 15th Five-Year Plan period will be critical to advancing China's dual-carbon goals. Tighter carbon-intensity requirements are accelerating green transformation across industries, making energy efficiency and carbon reduction increasingly important to high-quality development. i2Cool has taken passive radiative cooling from a City University of Hong Kong laboratory to scaled production and commercial deployment across more than 30 countries and regions. It is a strong example of industry-university-research collaboration between Shenzhen and Hong Kong, and of green technology progressing from policy support to market adoption."

Xiaorui Xi, Investment Director at Linglu Capital, noted, "i2Cool has established clear technological strengths in microscopic materials design and spectral-control modelling, while successfully developing standardized nanoparticles that underpin a scalable product platform. The company has also built strong international momentum, with operations spanning more than 30 countries and regions and overseas markets contributing more than half of its revenue. We see significant potential for i2Cool to grow into a global platform company for radiative cooling materials and look forward to its continued technological and commercial progress."