25th July, 2024 Leeds, United Kingdom

AssetCool, a leader in the development of photonic and functional coatings for overhead transmission and distribution lines, is thrilled to announce it has secured £500,000 in funding from the Innovate UK Smart Grant 2024. This grant will be used to accelerate the development of the next generation of in-situ coating robots, enhancing the application of coatings that provide capacity enhancing, anti-corrosion, ice accretion, and corona noise reduction benefits.

This funding will enable AssetCool to advance its innovative technology, allowing for larger-scale projects beyond the promising pilots already demonstrated in diverse regions including Canada, Slovenia, and Nepal. The new wave of innovation will strengthen the company's ability to offer coatings that address multiple challenges faced by operators of overhead transmission and distribution lines, directly addressing the needs of utilities worldwide.

Dr Niall Coogan, CEO of AssetCool, expressed his gratitude for the funding: "We are grateful to receive the backing of Innovate UK. It is a core part of our strategy to maintain a high rate of innovation and achieve our vision of deploying coating as a service for utilities. By transitioning from traditional heavy engineering and large capital projects to advanced robotics and functional coatings, we are streamlining how industry challenges are addressed. We thank Innovate UK for their confidence in our technology and look forward to executing successfully on this project."

Innovate UK, the UK’s innovation agency, funds and supports the most promising and cutting-edge innovations to drive economic growth and productivity. The £500,000 Smart Grant awarded to AssetCool underscores the agency's commitment to fostering disruptive technologies that have the potential to transform the way overhead power lines are maintained and uprated.

About AssetCool

AssetCool is at the forefront of developing advanced photonic and functional coatings for overhead conductors. These coatings, including the flagship products SE01 and SE02, significantly enhance the performance and capacity of electrical grids by maximizing solar reflectivity and thermal emissivity. AssetCool’s innovative solutions address critical challenges such as capacity, noise reduction, and environmental resilience, driving the industry towards a future of increased efficiency and sustainability.

The application of AssetCool’s technology in-situ offers a potential cost-saving of 95% relative to traditional reconductoring methods, highlighting its economic and practical advantages. This data sets the stage for broader deployment, promising a transformative impact on the utility industry by enhancing the efficiency and reliability of power transmission and distribution.