Project description
Warming up to new sustainable heat pump technology
In search of sustainable heating and cooling, magnetocaloric (MC) heat pumps hold immense promise by curbing greenhouse gas (GHG) emissions. However, the prohibitive costs of MC alloys based on rare-earth materials have stymied commercial viability. This is about to change with Magneto, a new MC heat exchanger technology using a patented composition of non-rare earth materials. Positioned to cater to sustainability focused customers in the EU, who are looking for alternatives to refrigerants-based cooling systems, the EIC-funded Magnetocaloric heating and cooling project aims to address high energy costs, impending GHG regulations and escalating demand for commercial cooling. The new technology will expand temperature span capabilities, conduct initial commercial cooling pilots by 2025 and target breakeven in 2027, eyeing a robust revenue of EUR 85 million by 2029.
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.
Fields of science (EuroSciVoc)
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CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
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Keywords
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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HORIZON.3.1 - The European Innovation Council (EIC)
MAIN PROGRAMME
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Topic(s)
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Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
HORIZON-EIC-ACC-BF - HORIZON EIC Accelerator Blended Finance
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) HORIZON-EIC-2023-ACCELERATOR-01
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
2629 JD Delft
Netherlands
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.