Exergyn
Exergyn is an Irish clean-tech company that develops solid-state shape memory alloy (SMA) cores enabling refrigerant-free heat pumps and cooling systems, licensing its technology primarily to HVAC-R manufacturers such as Carrier Global Corporation.
- Company typePrivate
- Founded2012
- HeadquartersGlasnevin, Ireland
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Exergyn does
Exergyn is an Irish clean-technology company developing solid-state heating and cooling technology based on shape memory alloys (SMAs), principally nitinol and nickel-titanium compositions. Its core product, the Exergyn SMA Core, exploits the electrocaloric effect — the metal alloy cycles between austenite and martensite solid states when mechanically compressed or decompressed, absorbing or releasing heat without undergoing a phase change to gas or liquid. This architecture eliminates the need for HFC/HFO refrigerant gases entirely, yielding a zero-GWP, non-toxic, non-flammable, and leakage-free core that the company positions as outside the scope of F-gas, Kigali Amendment, and U.S. AIM Act regulations. Exergyn holds more than 100 patents covering the technology and manufactures bespoke alloy formulations via advanced 3D metal printing in partnership with Fort Wayne Metals and Dublin City University.
The company's commercial model is B2B technology licensing rather than direct equipment sales. Exergyn licenses its SMA cores to established HVAC-R OEMs for integration into their heat pump, air conditioning, and refrigeration product lines. The flagship commercial relationship is with Carrier Global Corporation, one of the world's largest HVAC-R manufacturers, which integrates Exergyn's cores into heating, cooling, and air conditioning products for global distribution. Beyond HVAC-R, the company is extending the platform into data center cooling, electric vehicle battery thermal management, and — via sister entity Nexeryn — medical devices, aerospace actuation, and automotive vibration dampening.
Exergyn is privately held, headquartered at Dublin City University's Alpha innovation campus, with wholly-owned engineering and R&D subsidiaries in Rugby (UK) and Prague/Zdiby (Czech Republic). The company was founded in 2012 as an industrial waste-heat recovery venture and pivoted in 2016, following the Kigali Amendment, toward solid-state refrigerant replacement. It has raised approximately $35M in Series A funding (January 2022) from Lacerta Partners, Mercuria, and McWin Partners, with additional non-dilutive support from the European Innovation Council, Enterprise Ireland, and Ireland's Disruptive Technologies Innovation Fund. Headcount is in the 11–50 range, with the majority of resources allocated to materials R&D and engineering rather than commercial scale-up at present.
Exergyn firmographics
Firmographics- Name
- Exergyn
- Legal name
- Exergyn Ltd
- Website
- https://exergyn.com
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Exergyn is an Irish clean-tech company that develops solid-state shape memory alloy (SMA) cores enabling refrigerant-free heat pumps and cooling systems, licensing its technology primarily to HVAC-R manufacturers such as Carrier Global Corporation.
- Ownership category
- akta.pro rank
Exergyn industry classification
Industry- Product category
- Clean-tech HVAC-R Technology
- NAICS
- Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (3334), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415)
- SIC
- Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585)
- akta.pro primary industry
- Thermal Management Components (Heat sinks, TIMs, fans/blowers, thermal pads) (IMAGAJAL)
- akta.pro secondary industries
- Thermal Management & Heat Dissipation Solutions (TIMs, Lids, Heat Sinks) (HDAHADAG), Thermal Interface & Heat Management Materials (TIMs/Phase-Change/Graphite) (HDAHAGAN)
Keywords
Where Exergyn is headquartered
LocationHeadquarters
- HQ city
- Glasnevin
- HQ country
- Ireland
- HQ region
- Europe
Offices4 records
Markets served
Exergyn business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Technology Licensing: Exergyn licenses its intellectual property to established industry partners such as Carrier Global Corporation. Rather than competing directly with major equipment manufacturers, Exergyn provides technology that partners integrate into their products.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels4 records
Exergyn product offering
Product offeringCore offering
Exergyn develops solid-state Shape Memory Alloy (SMA) cores made from nitinol and nickel-titanium alloys that replace traditional HFC/HFO refrigerants in heating, ventilation, air conditioning, and refrigeration (HVAC-R) systems. The cores leverage the electrocaloric effect, cycling between austenite and martensite solid states when mechanically compressed or decompressed, to absorb or release heat without gaseous refrigerants. Exergyn licenses this technology to enterprise OEMs such as Carrier Global Corporation for integration into heat pumps, air conditioning, and refrigeration products.
Product overview
Exergyn's product offering centers on its proprietary solid-state Shape Memory Alloy (SMA) technology platform. The company's flagship product is the Exergyn SMA Core—a modular solid-state refrigerant core that replaces conventional HFC/HFO refrigerants in heating and cooling applications. The SMA Core uses a nickel-titanium alloy that undergoes phase transformations (between austenite and martensite states) when mechanically compressed and decompressed, leveraging the electrocaloric effect to provide heating and cooling without gaseous refrigerants. This technology is offered as a core component that Exergyn licenses to industrial partners such as Carrier Corporation for integration into commercial heat pump and HVAC systems targeting residential, commercial, data center, and industrial applications. The company also maintains a sister entity called Nexeryn exploring medical device and aerospace applications of the technology.
Differentiator
Problem solved
Functional benefit
Products and services
- Exergyn SMA Core A solid-state heating and cooling core based on shape memory alloy (SMA) technology made from nitinol and nickel-titanium alloys. The core uses the electrocaloric effect, cycling between austenite and martensite solid states when mechanically compressed or decompressed to absorb or release heat, replacing traditional HFC and HFO refrigerant gases. It is licensed to enterprise OEMs such as Carrier Global Corporation for integration into heat pumps, air conditioning, and refrigeration products targeting residential, commercial, data center, and industrial applications.
Quantifiable outcome
- R134a refrigerant has GWP 1,540 times greater than CO2 - each kg released traps heat equivalent to 1,540kg of CO2. Exergyn's zero-GWP technology eliminates this issue entirely.
Companies that use Exergyn
Customer profileNamed customers1 record
Segments5 records
Ideal customer profiles4 records
Exergyn technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Exergyn partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- HT Materials Science / DLCool ConsortiumcoreExergyn is a partner in the DLCool consortium led by HT Materials Science, awarded a €2.3 million grant from Ireland's Disruptive Technologies Innovation Fund to develop heat-transfer fluid additives for direct liquid cooling applications in data centers, solid-state heat pumps, and electric batteries. The consortium is based at Dublin City University's Innovation Hub.
- Carrier Global CorporationcoreExergyn's partnership with Carrier Global Corporation, one of the world's largest manufacturers of heating, cooling, and air conditioning technologies, is focused on commercializing solid-state heat pump technology without traditional refrigerants. Carrier integrates Exergyn's SMA cores into its products, providing scale and distribution networks to reach millions of users.
- NexerynminorNexeryn is a sister company exploring applications of Exergyn's technology in the medical device sector (for rapid heating and cooling methods) and precision actuation systems in the aerospace industry, as well as vibration dampening products for automotive.
- Fort Wayne MetalscorePartnership with Fort Wayne Metals in Castlebar, Co Mayo for advanced 3D metal printing techniques to produce bespoke metal alloys with enhanced heat transfer properties for Exergyn's SMA cores.
- Dublin City University (DCU)coreExergyn is based at DCU's innovation hub Alpha. Partnership with DCU for 3D metal printing techniques research and experimentation with advanced metal alloys for enhanced heat transfer properties.
Scale indicators4 records
Recent moves8 records
Expansion highlights6 records
Exergyn competitors and assessment
Company assessmentBroad incumbents
- Carrier Global Corporation: One of the world's largest HVAC manufacturers and Exergyn's primary commercial partner. Comparable as both an OEM integrating solid-state cooling and as an incumbent whose existing vapor-compression product portfolio competes with Exergyn's solid-state approach.
- Daikin: Global HVAC and refrigerant leader with significant in-house R&D into low-GWP refrigerants and alternative cooling technologies. Directly comparable as a major HVAC incumbent pursuing the same regulatory-driven transition that motivates Exergyn.
- Honeywell: Major HFO refrigerant manufacturer (Solstice product line) competing for the same zero/low-GWP transition. Comparable as an incumbent whose incremental refrigerant innovation is the most direct alternative to Exergyn's architecture-level disruption.
- Mitsubishi Electric: Major HVAC and refrigeration equipment manufacturer actively developing low-GWP and alternative cooling technologies. Comparable as a global HVAC incumbent with overlapping target customers and a parallel R&D roadmap.
- Trane Technologies: Major commercial and industrial HVAC manufacturer with explicit sustainability commitments and active work on next-generation refrigerants. Comparable as a target OEM partner and as an incumbent competing for the same end-customer transition.
- Gentherm: Thermal management and climate control specialist serving automotive (including EV batteries), aerospace, and medical markets. Comparable as a thermal management supplier targeting overlapping use cases (EV battery cooling, aerospace precision temperature control).
Direct peers
- Danfoss: Global leader in HVAC components, refrigeration controls, and thermal management solutions. Comparable as a direct supplier of thermal management components and a likely alternative partner/integrator for OEMs evaluating Exergyn's category.
- Magnotherm: Germany-based solid-state cooling startup developing magnetocaloric technology for refrigeration. Closest direct competitor pursuing an alternative solid-state architecture for the same regulatory-driven replacement of HFC refrigerants.
Emerging players
- CoolIT Systems: Specialist in direct liquid cooling for data centers and high-performance computing. Comparable as an emerging player in the data center cooling vertical that Exergyn is targeting via its DLCool consortium participation.
- ZutaCore: Israeli direct liquid cooling provider for data centers targeting hyperscaler and edge computing deployments. Comparable as an emerging player pursuing the same data center cooling opportunity that the Exergyn-led DLCool consortium is targeting.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Exergyn social profiles
Digital presenceExergyn financial estimates
Financial estimateRevenue estimate
Valuation estimate
Exergyn leadership team
Management profileNumber of profiles
Profiles10 records
Exergyn subsidiaries and ownership
Company hierarchySubsidiaries2 records
Exergyn funding detail
Funding detailFunding overview
Funding rounds5 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Exergyn M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Exergyn
What does Exergyn do?
Exergyn develops solid-state Shape Memory Alloy (SMA) cores made from nitinol and nickel-titanium alloys that replace traditional HFC/HFO refrigerants in heating, ventilation, air conditioning, and refrigeration (HVAC-R) systems. The cores leverage the electrocaloric effect, cycling between austenite and martensite solid states when mechanically compressed or decompressed, to absorb or release heat without gaseous refrigerants. Exergyn licenses this technology to enterprise OEMs such as Carrier Global Corporation for integration into heat pumps, air conditioning, and refrigeration products.
Is Exergyn a public or private company?
Exergyn is a private company. It is classified as venture growth investor backed and is currently operating.
When was Exergyn founded?
Exergyn was founded in 2012. It employs 11 to 50 people.
Where is Exergyn based?
Exergyn is headquartered in Glasnevin, Ireland, in the Europe region.
How does Exergyn make money?
One revenue line is on record: technology Licensing.
Who are Exergyn's main competitors?
Broad incumbents on record are Carrier Global Corporation, Daikin, Honeywell, Mitsubishi Electric, Trane Technologies and Gentherm. Direct peers are Danfoss and Magnotherm. Emerging players are CoolIT Systems and ZutaCore.
Does Exergyn have an API?
No public API is recorded for Exergyn.
What industry is Exergyn in?
Exergyn's product category is Clean-tech HVAC-R Technology. Its primary akta.pro industry code is IMAGAJAL, Thermal Management Components (Heat sinks, TIMs, fans/blowers, thermal pads), with a secondary code of HDAHADAG, Thermal Management & Heat Dissipation Solutions (TIMs, Lids, Heat Sinks). Its NAICS code is 3334 and its SIC code is 3585.