£30m investment for South Yorkshire data centre tech specialist

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A global syndicate has invested £30 million in a Sheffield firm at the forefront of driving data centres to net zero.

Iceotope Technologies, a precision immersion cooling specialist, has secured the backing.

Led by Singapore private equity firm, ABC Impact, funds are also coming from NVent, a leading global provider of electrical connection and protection solutions, and the SDCL Energy Efficiency Income Trust Plc, a FTSE 250 investment company. Northern Gritstone, British Patient Capital, Pavilion Capital, and existing investor, Edinv, are also on board.

Icetope’s environmentally-efficient technology reduces the energy and water required to cool data centre servers.

David Craig, chief executive 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.

“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.”

Founded in 2005 at the University of Sheffield’s Advanced Manufacturing Research Centre, Iceotope has already partnered or collaborated with industry leaders Hewlett packard, Lenevo, Schneider Electric, Intel and Avnet.

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.”

While liquid cooling is long-established and has become the standard in high-performance computing applications, air-cooling had been the preferred approach.

This situation is changing rapidly as the adoption of liquid cooling, with a $6.4 billion market eyed by 2027.

Joe Ruzynski, NVent’s president of enclosures, added: “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.”

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