Business Weekly - Cambridge, UK

The East of England is in line to host the new global HQ of a South Korean technology venture.

Founded by former NASA scientist, Dr Jeong Hyun Lee, i-Curie Lab plans to build a multi-billion pound global business around its revolutionary nano-scale, super-cooling technology from a UK base.

The East of England – and Cambridge in particular – is understood to be a front-runner to host the new operation. The company already has links with Cambridge and Business Weekly has learned that senior executives within the company are keen to take advantage of the opportunities for collaboration and recruitment afforded by the University.

After award-winning work on two space shuttle missions with NASA, former Samsung scientist Dr Lee created and patented the breakthrough cooling technology – initially to address the development-hindering problem of semiconductor cooling.

The radical cooling technology is unique in that it does not require fans, pumps, dangerous gases or electricity to be effective.

The system has been initially applied to semiconductor cooling in overcoming one of the biggest barriers to developing faster computer speeds – heat.

Lab tests show that i-Curie’s nanotechnology refrigeration system eliminates heat up to 1,000 per cent more efficiently than current technology.

Dr Lee and his team believe the technology could also eventually reduce the size and running cost of air conditioning by around 70 per cent and there are also military applications.

i-Curie has already signed agreements with PC company Acer and chip giant AMD for initial trials.

In a deal that was brokered by UK Trade & Investment through its global entrepreneurs initiative, iCurie Lab has secured $3m in first round funding from specialist US emerging technology VC Hansen Gray & Company Inc, to establish the worldwide headquarters in the UK. The new company said it hopes to create hundreds of new jobs in the British nanotechnology sector.

William Pedder, head of UKT&I’s inward investment team said: “This important agreement represents a double-win for the UK, by attracting both word class scientists and intellectual property in iCurie Labs, as well as significant inward-investment finance from Hansen Gray & Company to the UK.”

The UK fought off fierce competition from hi-tech centres such as the West Coast of the US to secure i-Curie’s relocated headquarters.

UKT&I’s Eric Van der Kleij, who was instrumental in attracting the company to the UK, believes that i-Curie will become the UK’s next multi-billion pound company.

He said: “Of the 20 or so supposedly disruptive technologies I see every year, very few actually are. This technology, however, definitely fits the bill.”

“A company with truly global potential and aspirations, i-Curie has recognised that the best place to build a worldwide business is the UK.”

Van der Kleij said the East of England stood a “good chance” of hosting the new venture on the basis of “access to world-class scientists and professionals, availability of specialist lab space and equipment and a mighty powerful network.”

The company’s executive team are currently meeting in Atlanta in the US to draw up a ‘wish-list’ for the new HQ. This will then be submitted to the UK’s regional development agencies before the beauty parade begins in earnest.

Founder Dr Lee’s first visit to the UK included a visit to Cambridge VC boutique, Library House. It is understood that this visit was key in convincing the company of the benefits of setting up in the UK.

Dr Lee said: “The world has only recently started to understand the true impact of current cooling methods, which can often consume a significant amount of energy or use chemicals which could endanger the environment.

“We found that the UK offers the ideal financial, technical and corporate environment from which to grow a major global business.”