Barocal, a solid-state cooling and heating technology startup, has raised £7.4 million in funding from World Fund, Breakthrough Energy Discovery, Cambridge Enterprise Ventures and IP Group. The Cambridge University spinout is commercialising refrigerant-gas-free systems designed to replace vapour-compression technology at cost parity.
Built on over fifteen years of research into caloric materials, the platform uses pressure-driven phase transitions to generate temperature changes without gas refrigerants. Designed to address emissions from heating and cooling systems, the technology targets applications such as data centre cooling and commercial refrigeration while improving efficiency and avoiding ozone-depleting substances.
Heating and cooling systems are responsible for nearly half of annual global greenhouse gas emissions, with cooling alone accounting for more than 4 Gt of CO₂e in 2022. Demand is expected to triple by 2050, with Barocal targeting a global HVAC market valued at approximately $450 billion and projected to reach around $577 billion by 2033.
Founded in 2019 following research funded by the Royal Society and European Research Council, Barocal has developed and patented its platform technology with Cambridge Enterprise. Recognition includes the 2025 TERA-Award, with the latest funding supporting hiring and accelerating system development.
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. 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.
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. We are extremely proud to be supporting this world-leading scientific team as they commercialise.
Buildings account for roughly 7% of global emissions, and decarbonising heating and cooling is essential to address that impact. We first supported Barocal through the Breakthrough Energy Fellows program, where Professor Moya’s rigorous, years-long research into caloric materials stood out for its technical depth and commercial potential. This most recent investment reflects our continued confidence in the team as they scale a solid-state alternative to vapour compression that is cleaner, more efficient and fundamentally rethinks how we deliver comfort.
IP Group is proud to back Barocal’s latest round with a £2m investment, which will enable the company to reach its next milestones as it scales up to commercial reality. Barocal’s innovation promises massive efficiency gains in heat transfer systems for data centres, refrigeration, and home cooling, which will result in material reductions in energy and climate impacts. This is the classic type of transformational company we back at IP Group.
