Disrupting the cooling and heating industry: a revolutionary green, energy efficient and cost competitive magnetocaloric technology platformbroad
Magnetocaloric heating and cooling · Horizon Europe grant · 2023-12-01–2026-11-30
EC contribution
Total cost
Beneficiaries
About the data
Source: CORDIS (official EU open data), Horizon Europe. Framework HORIZON · call HORIZON-EIC-2023-ACCELERATOR-01 · scheme HORIZON-EIC-ACC-BF · topic HORIZON-EIC-2023-ACCELERATOROPEN-01. CORDIS record →
Objective
Magnetocaloric (MC) heat pumps can unlock sustainable heating and cooling by limiting GHG exhaust! So far, nobody has been able to create a commercially sustainable product due to high costs of rare-earth materials needed. Magneto’s technology has, based on our patented composition of MC material, for the first time ever, developed a heat pump using affordable and available non rare earth materials. Our heat pump will enable scalability to the most price sensitive markets: northern European countries with high energy costs, incoming regulation on GHG emissions, and an increased need of commercial cooling equipment due to urbanisation. With EIC support we will expand our current temperature span and run first pilots in commercial cooling sector by 2025. It will prove our product and business model, increase market attraction and improve our further fundraising position. We plan to reach breakeven by 2027 and a revenue of €85 million with a gross margin of 78% by 2029.
Beneficiaries (1)
| Organisation | Country | Role | EC contribution | SME |
|---|---|---|---|---|
| MAGNETO BV | NL | coordinator | €2,499,999 | Yes |
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