HMT LLP once again advised HT Materials Science, a developer of sub-micron-based heat transfer fluid technologies on their €5m Series-A funding led by Saudi Aramco Energy Ventures, the strategic technology Corporate Venture arm of Saudi Aramco, the world’s leading integrated energy and chemicals company and existing investor Progress Tech Transfer®.
HTMS produces heat transfer additives which, when added to existing water and glycol heating and cooling systems, yield dramatic improvements in energy use or system capacity. As the world warms up and energy demand for air-conditioning and industrial cooling grows, HTMS’ products offer a significant step forward for businesses wishing to drive down costs, increase system efficiency and meet climate change and emissions targets in a global heat transfer market worth an estimated €100 billion.
The Series A financing will be used to fund HTMS’ growing list of commercial validation projects, further develop its proprietary technology and range of products, scale its manufacturing capability and invest in sales and distribution networks in the US, Middle East, Europe and Asia.
Having previously advised on the €2M seed financing round in 2020, HMT provided lead advisory services to HTMS on this transaction which included identifying suitable strategic investment partners, negotiating detailed investment terms and project managing the deal to a successful completion.
Thomas Grizzetti, CEO of HTMS commented:
“We would like to thank James and his team at HMT for again supporting us through this fundraise. Following his involvement in the seed round in 2020, we together identified the top strategic investors that would help us at this crucial point of our scale-up and we are delighted to now bring on board SAEV who headed that list. Through this process, we have also established commercial relationships and strong interest to participate in future funding rounds. I would thoroughly recommend HMT for their market insight, international reach and tenacity.”
James Thomas, Technology Partner at HMT commented:
“We are delighted to have continued to support Tom (Grizzetti (CEO)), Ed (Coleman (CFO)) and PTT on their successful Series-A fundraise, which will see them significantly scale operations and commercial deployments for their class-leading Maxwell 2020® heat transfer fluid technology. We thoroughly enjoy building strong enduring partnerships with our clients and I look forward to continuing to follow HTMS’ commercial progress and to working together again in the future.”