Transactions

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 exponentially, HTMS’ additives can be retrofitted quickly and simply without any system downtime. HTMS’ products include Maxwell 2020®, which offers a significant step forward for businesses wishing to drive down costs and meet climate change and emissions targets, in a global heat transfer market worth an estimated €100 billion.

Under the terms of the deal, PTT will invest €1 million, with the round also being supported by Enterprise Ireland and other high net worth investors. HTMS will be looking to close its Series A investment round during 2021 and is already in discussions with several major industrial venture capital groups.

The seed financing will be used to fund HTMS’ growing list of commercial validation projects in the US and Europe, as well as international business development activities and further development of HTMS’ proprietary technology and range of products.

Alberto Calvo, a Partner at PTT, will join the HTMS board of directors as part of the transaction.

HMT, led by James Thomas and Gurjinder Bains, provided lead advisory services to HTMS on this transaction which included identifying suitable investment partners, negotiating detailed investment terms and project managing the deal to a successful completion.