Barocal scoops $1m global CleanTech prize
Barocal’s breakthrough solid refrigerants deliver unprecedented efficiency and are said to be inexpensive and safe for people and the planet – a true paradigm shift.
And at King’s College in Cambridge the company was unveiled as winner of the Asia-based smart energy innovation TERA-Award, organised by Full Vision Capital.
Barocal scooped the Gold Award along with a haul of US$1 million for its breakthrough solid-state cooling system, using barocaloric materials that undergo temperature changes when pressure is applied.
It was the first time the TERA-Award was held outside Hong Kong. More than 100 industry leaders, entrepreneurs, scientists, investors, scholars and partners attended the ceremony. Dr Peter Lee, Principal of Full Vision Capital and Founder of the TERA-Award, and Dr Martin Lee, Honorary Chairman of Full Vision Capital, led their first overseas mission to jointly promote the prize.
Barocal beat global competition from 785 entries from 76 countries and regions; its technology eliminates harmful refrigerants and boosts energy efficiency, offering a sustainable air conditioning and refrigeration solution. Based on over a decade of research at the University of Cambridge, Barocal’s innovation is said to deliver up to three times the energy efficiency of traditional systems.
This year’s winners come from Australia, China, the UK, the USA, Singapore and Spain, reflecting the growing international appeal and impact of the TERA-Award.
Dr Lee said that hosting the TERA-Award overseas was a key step in expanding its global footprint. He said: “We’re building a close-knit and growing network for innovators, investors, and partners. Through targeted support and incubation, we’ve seen many successes from past winners, and we look forward to helping more startups thrive.
“Entrepreneurship is a road filled with obstacles, particularly in the energy sector. The TERA-Award is a bridge between ideas and markets, where they can make transformational impacts on lives and the planet.”
An innovation showcase and forum were held on the same day. The forum explored global clean energy trends and the role of collaboration in the energy transition. TERA-Award Alumni and startups also presented progress and exchanged ideas with investors and innovators at the showcase.
The fourth TERA-Award is supported by the Hong Kong Investment Corporation, InvestHK, the UK’s Department for Business and Trade and Kerogen CelerateX, reflecting a growing commitment to accelerate deep-tech energy innovation and commercialise zero-carbon solutions.