Barocal Raises $10 Million to Advance Refrigerant-Free Cooling Technology

CAMBRIDGE, UK — Barocal, a Cambridge University spin-out developing refrigerant-gas-free heating and cooling technology, has raised a $10 million seed funding round to accelerate product development, expand engineering capabilities, and prepare for commercial deployment.

The company is focused on commercializing a solid-state heating and cooling platform built around barocaloric materials—an emerging technology designed to provide an alternative to traditional vapor-compression HVAC systems that rely on refrigerant gases.

Barocal plans to initially target high-demand applications including data center cooling and commercial refrigeration, entering a global HVAC market estimated at approximately $450 billion and projected to reach roughly $577 billion by 2033.

Solid-State Cooling Technology Targets HVAC Emissions

Heating and cooling systems account for approximately 15% of annual global greenhouse gas emissions, with cooling alone responsible for more than 4 gigatons of CO₂e emissions in 2022. Demand for cooling is also expected to triple by 2050, increasing pressure on the industry to develop lower-emission alternatives.

Barocal’s technology is based on pressure-driven phase transitions within specialized materials that generate significant temperature changes without relying on traditional refrigerant gases.

Professor Xavier Moya founded Barocal in 2019 to commercialize research developed through Royal Society and European Research Council-funded programs focused on caloric materials and systems.

Unlike many earlier caloric technologies challenged by degradation, fatigue, or material costs, Barocal says its proprietary platform overcomes many of those barriers while delivering competitive performance and efficiency.

Funding Supports Engineering Growth and Commercialization

The new funding will support expanded operations, system development, and recruitment of senior technical and commercial personnel as the company moves toward commercialization.

Barocal has already received industry recognition, including winning the $1 million 2025 TERA-Award for innovation in energy and climate technology.

“Heating and cooling have always been the elephant in the room when it comes to emissions, and ours is a set of materials that could change history,” said Professor Xavier Moya, Founder of Barocal. “We are building something truly revolutionary. The world can only hit a 1.5 degree target if we cut emissions by around half—solving heating and cooling emissions would achieve that goal. I am thrilled to be partnering with investors who will support us to commercialise and scale our technology before the planet runs out of time.”

HVAC Industry Faces Growing Demand for Sustainable Cooling

As data center growth, electrification, and climate pressures drive demand for more efficient cooling systems, solid-state technologies are drawing increased attention across the HVAC sector.

Barocal’s approach is designed to reduce environmental impact through both energy-efficiency gains and the elimination of climate-damaging refrigerant gases commonly used in traditional systems.

“Barocal has achieved what scientists have struggled to do for decades—a materials breakthrough delivering solid-state materials that finally enable new cooling and heating platform technology that competes with vapour-based incumbents,” said Mark Windeknecht, Principal at World Fund. “We are extremely proud to be supporting this world-leading scientific team as they commercialise.”

To learn more about solid sate cooling, read: 

The Refrigerant-Free Future is Hydronic: How Solid-State Cooling Will Reshuffle the Trades