i2Cool has raised tens of millions of yuan, equivalent to several million U.S. dollars, in Series B funding from Shenzhen TopoScend Capital, providing new capital to scale production and expand commercialization of its electricity-free passive radiative cooling technology.
The company plans to use the proceeds to establish standardized nanoparticle production lines, continue development of its core technologies, recruit key employees and accelerate commercialization in priority international markets.
Founded in 2022, i2Cool researches, manufactures and commercializes passive radiative cooling materials designed to reduce temperatures without requiring additional electricity or refrigerants.
Its founding team has more than 15 years of research experience in radiative cooling and related areas and includes two scholars recognized among the world’s top 2% most-cited scientists.
At the center of the company’s product strategy is its Particle+ platform, which uses standardized functional nanoparticles across applications including coatings, films, powder coatings, textiles, automotive coatings and exterior wall tiles.
i2Cool’s technology manages thermal energy across ultraviolet, visible, near-infrared and mid-infrared wavelengths. Its materials are designed to reflect solar radiation while emitting thermal energy through the 8-13 μm atmospheric window, creating a passive cooling effect.
The company’s core products can achieve solar reflectivity and mid-infrared emissivity exceeding 95%.
i2Cool is also integrating photoluminescence and thermochromism into its materials to provide color customization and adaptive thermal management while maintaining cooling performance.
The company combines AI-powered optical simulation with polymer materials science to model and optimize the way light moves through nanoparticle systems. According to internal development benchmarks, i2Cool says this approach has improved its R&D efficiency by approximately 12 times compared with conventional methods.
Commercially, i2Cool reports an order backlog of CNY 120 million, or approximately $17.9 million, alongside a 377% three-year compound annual growth rate in operating revenue.
Its products have reached more than 30 countries and regions, and the company has completed over 500 projects covering more than 1.1 million square meters. Overseas markets account for approximately 50% of revenue.
Beyond buildings and power infrastructure, i2Cool is expanding into areas including AI data centers, robotics and new energy vehicles. The company has worked with organizations including Sunwoda Electronic, Towngas and Toyota Tsusho.
Support: Linglu Capital served as exclusive financial adviser to the financing.
KEY QUOTES:
“Our ambition extends beyond any single radiative cooling product. We aim to build a platform company for the sector. By continuously strengthening our capabilities in functional nanoparticles, materials design, and AI-enabled R&D, we can bring this advanced thermal-management technology into a wider range of industries and address real heat-management challenges in both industrial applications and everyday life. This financing will directly support the build-out of standardized nanoparticle production lines and capacity expansion, while accelerating large-scale deployment in high-value applications such as new energy vehicles and AI data centres.”
Prof. Martin Y. Zhu, Co-Founder and CEO of i2Cool
“The 15th Five-Year Plan period will be critical to advancing China’s dual-carbon goals. Tighter carbon-intensity requirements are accelerating green transformation across industries, making energy efficiency and carbon reduction increasingly important to high-quality development. i2Cool has taken passive radiative cooling from a City University of Hong Kong laboratory to scaled production and commercial deployment across more than 30 countries and regions. It is a strong example of industry–university–research collaboration between Shenzhen and Hong Kong, and of green technology progressing from policy support to market adoption. This investment represents an important step in TopoScend Capital’s green technology strategy. We will continue to focus on low-carbon value chains and use capital to support technological innovation and the broader green transition.”
Yanping Shi, Vice President of TopoScend Capital and General Manager of the Duliang Advanced Industries Investment Fund
“i2Cool has established clear technological strengths in microscopic materials design and spectral-control modelling, while successfully developing standardized nanoparticles that underpin a scalable product platform. The company has also built strong international momentum, with operations spanning more than 30 countries and regions and overseas markets contributing more than half of its revenue. We see significant potential for i2Cool to grow into a global platform company for radiative cooling materials and look forward to its continued technological and commercial progress.”
Xiaorui Xi, Investment Director at Linglu Capital
