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Precision Immersion Cooling Specialist, Iceotope Technologies, Secures £30m Funding from Global Syndicate Led by Impact Investor ABC Impact

Precision Immersion Cooling Specialist, Iceotope Technologies, Secures £30m Funding from Global Syndicate Led by Impact Investor ABC Impact
  • Singapore impact private equity firm, ABC Impact, is investing in Iceotope to drive the reduction of carbon emissions from data centres and contribute to the achievement of net-zero emissions for the sector
  • Syndicate includes nVent, a leading global provider of electrical connection and protection solutions, and the SDCL Energy Efficiency Income Trust plc, a FTSE 250 investment company, as strategic investors

LONDON, July 6, 2022 /PRNewswire/ — Iceotope Technologies Limited (“Iceotope”), the global leader in precision immersion cooling technology, today announced that it 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.

Iceotope Technologies Secures £30m Funding from Global Syndicate, Led by Impact Investor ABC Impact
Iceotope Technologies Secures £30m Funding from Global Syndicate, Led by Impact Investor ABC Impact

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.

  1. Research and Markets; Global Data Center Liquid Cooling Market by Component, End User, Data Center Type, Type of Cooling, Enterprise and Region – Forecast to 2027: https://www.researchandmarkets.com/reports/5610635/global-data-center-liquid-cooling-market-by?
  2. Independently verified by Cundall: Desktop Study Report- Liquid and Air-Cooling Compared

About Iceotope

Iceotope’s chassis level precision immersion cooling solutions are engineered to cool the whole IT stack, in every use case, from Hyperscale to the Extreme Edge. By removing the need for fans and air-cooling infrastructure, Iceotope’s technologies operate in near silence — bringing game-changing reduction in energy and water consumption, and significant cost reductions in the design, build and operation of data centres. For more information, visit: www.iceotope.com.

About ABC Impact

ABC Impact is a Singapore-headquartered and Asia-focused private equity firm dedicated to impact investing. We invest in companies that drive positive change by addressing the world’s most pressing challenges such as climate change, resource scarcity, and deepening inequality. Our investment themes include financial and digital inclusion, better health and education, climate and water solutions, sustainable food and agriculture, and smart and liveable cities.

We believe that investing with an impact lens demonstrates the positive power of private capital and can help to foster more innovative and resilient companies that deliver societal and environmental benefits. We are a disciplined investor with a rigorous and evidence-based impact assessment approach that aims to generate positive and measurable social or environmental outcomes, alongside a compelling risk-adjusted return for our investors.

Our investment themes are aligned with the ABC Framework for an Active Economy, a Beautiful Society, and a Clean Earth. The ABC Framework was established by Singapore investment company Temasek and builds on the ideals of the 17 Sustainable Development Goals set by the United Nations.

Our inaugural S$405 million fund includes investors such as Temasek Trust, Temasek, Pavilion Capital, Mapletree Investments, Seatown Holdings, Sembcorp Industries, and Singapore Power.

Visit www.abcimpact.com.sg for more information. Our latest Impact Report, “Inspiring Impact”, is available at www.abcimpact.com.sg/impactreport2021.

About nVent 

nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We design, manufacture, market, install and service high performance products and solutions that connect and protect some of the world’s most sensitive equipment, buildings and critical processes. We offer a comprehensive range of enclosures, electrical connections and fastening and thermal management solutions across industry-leading brands that are recognized globally for quality, reliability and innovation. Our principal office is in London and our management office in the United States is in Minneapolis. Our robust portfolio of leading electrical product brands dates back more than 100 years and includes nVent CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER. Learn more at www.nvent.com.

nVent, CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER are trademarks owned or licensed by nVent Services GmbH or its affiliates.

Media Contacts

Iceotope Technologies Ltd
Damien Wells, Spa Communications
e: dwells@spacomms.com
m: +44 (0) 7900 302102

ABC Impact Media Contact
e: media@abcimpact.com.sg