June, 2025
AssetCool, a UK-based deep tech company pioneering advanced robotics and coatings for power lines, raised a Series A funding round to scale its proprietary robotics technology globally. The oversubscribed round was led by Energy Impact Partners (EIP), with participation from Extantia Capital, Taronga Group, and existing investor Northern Powerhouse Investment Fund, managed by Mercia Ventures. This new funding builds on the support of additional investors including Kero Development Partners and Northern Gritstone.
This innovation addresses one of the most pressing bottlenecks in today’s energy transition: grid congestion. As demand for electricity surges, grid operators are under increasing pressure to boost transmission capacity quickly and affordably. At the same time, the existing infrastructure is aging, and conventional methods to increase capacity, whilst critical for the energy transition, are slow, costly, and logistically challenging. AssetCool’s proprietary coating platform offers a disruptive alternative – capable of increasing the capacity of overhead lines by up to 30% with a solution that’s up to 20x cheaper and deployable in a fraction of the time.
“We are laser-focused on doing the hard yards to improve the physical layer of the grid, specifically overhead systems,” said Dr. Niall Coogan, CEO and co-founder of AssetCool. “The AssetCool team is innovating at the nexus between robotics and materials science to bring meaningful improvements to an aging network. We’ve developed a new range of coatings systematically optimised for overhead lines that makes the grid more efficient and resilient - not by rebuilding it, but by enhancing what already exists.”
By applying advanced nanomaterials directly on new or existing overhead conductors, AssetCool increases the lines' thermal performance. The fast application of AssetCool’s advanced coatings on existing grid infrastructure is made possible thanks to AssetCool’s “CapacityN” robotic platform. These robots can deploy a range of functional coatings to address common constraints on overhead lines - including limited capacity, noise, and corrosion. They also provide an agile platform for additional services based on the collection of physical data and analysing it with AI, turning data into actionable insights.
“AssetCool stands out in the market with its ability to deliver firm capacity upgrades faster and more cost-effectively than any alternative we’ve seen,” says Sam Bursten, Principal at EIP. “We’re excited to partner with the AssetCool team and support their global growth, leveraging our strategic utility network to help them scale.”
AssetCool’s rapidly growing team brings together a unique mix of expertise. The technical team includes PhDs in Physics, Mechatronics, Synthetic Chemistry, and Computer Science, combined with strong real-world experience. Co-founder and CEO Niall Coogan holds a Master’s in Chemistry and a PhD from the Power Networks Centre (CDT program) from the University of Manchester.
By building and deploying both advanced coating and robotic systems, AssetCool will become a dominant player in the entire grid upgrade value chain, from formulation of novel coatings to deployment on new and existing overhead lines and ongoing performance validation. AssetCool has already successfully deployed their technology with multiple utilities around the world, and is positioned to become an essential tool for any grid operator seeking to increase grid capacity and resilience, without the long lead times or cost burdens of traditional infrastructure upgrades.
About AssetCool
Founded in Leeds, UK, AssetCool develops advanced robotics and functional coatings for energy infrastructure. Its core platform increases the capacity and efficiency of power lines through direct application of thermal-management nanomaterials. Its platform technology in chemistry and robotics allows it to address a range of constraints for transmission network operators. For more information, please visit www.assetcool.com.
About Energy Impact Partners
Energy Impact Partners LP (EIP) is a global energy technology investor with a proprietary model designed to drive innovation. EIP brings together entrepreneurs and some of the world’s most forward-thinking energy and industrial companies to advance innovation for a better energy future. Investing in venture, growth/private equity and credit, EIP seeks attractive risk-adjusted returns for its investors by leveraging its differentiated strategy and industrial ecosystem. With over 80 corporate partners and over $4.4 billion in assets under management, EIP invests globally with over 100 professionals based in its offices in New York, San Francisco, Washington D.C., Atlanta, Palm Beach, London, Cologne and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
About Extantia Capital
Extantia is a venture capital firm backing pioneers in climate. As a leading climate tech generalist, the firm’s investment strategies — Extantia Flagship and Extantia Allstars — are dedicated to supporting climate-focused companies and venture funds. Founded in 2020 and headquartered in Berlin, the firm manages approximately €300M in AuM. Extantia Flagship directly invests in software and
hardware solutions that address large, near-term market opportunities with the power to redefine industries. It focuses on Seed to Series A rounds across Europe, with initial tickets ranging from €1-5 million. For more information about Extantia and its investment approach, visit extantia.com.
About Taronga Group
Taronga Group is a leading global investor, focused on driving innovation across Real Asset sectors such as real estate and infrastructure. The group consists of Technology Investment Funds, Real Asset Investments and RealTechX innovation programs, providing ecosystem support and advisory services. Taronga Group provides Real Asset owners and operators strategic investment, access and advice across technology and sustainability. Taronga Group’s funds are backed by leading global institutional investors and major Real Asset owners and operators and covers markets across Asia-Pacific, North America, Europe and the Middle East. For more information, visit https://tarongagroup.com/.
About Mercia Ventures
Mercia Ventures is a proactive venture capital investor focused on being the first-choice partner for growth. Mercia Ventures makes equity investments of up to £10million across all sectors, with specialisms in Software, Consumer, Healthcare and Deep Tech. Mercia Ventures is part of Mercia Asset Management PLC and sits alongside its wider private equity, debt and proprietary balance sheet capital operations. The Group has 11 offices in the UK and Mercia Ventures’ national footprint and 48 strong investment team draws on their experiences as founders, PhD scientists, software engineers, corporate financiers and management consultants to help its partner companies successfully achieve their ambitions. For more information, visit www.mercia.co.uk
About Kero Development Partners
Kero is a UK-based private investment firm that makes selective investments in innovative engineering technologies that solve real world problems. For more information, visit: www.kerogroup.com
About Northern Gritstone
Northern Gritstone is an investment company, dedicated to supporting ambitious science and technology businesses in the North of England. Its philosophy is ‘profit with purpose’ combining strong returns for investors with wider positive, societal and economic impact, including high--skilled job creation and regional growth. Chaired by Lord Jim O’Neill, the company has made 37 investments in some of the UK’s most exciting future businesses. Together with its early--stage ‘toolkit’ NG Innovation Services, Northern Gritstone offers ‘Capital+++’ connecting early-stage company founders with funding and expertise to scale their businesses. Visit : www.northerngritsone.com