Nelumbo

What Nelumbo does

Nelumbo Inc. is a private materials technology company headquartered in Menlo Park, California, operating as a wholly-owned subsidiary of Kuraray, the Japanese specialty materials conglomerate. Founded in 2015, the company develops and commercializes proprietary PFAS-free surface coating technologies targeting two distinct industrial verticals: IceNein®, an anti-ice coating applied to heat exchangers in refrigeration and HVAC systems that reduces ice formation and defrost cycles to improve energy efficiency, equipment uptime, and asset lifetime; and Mineral®, a breathable and durable PFAS-free water repellency technology for technical textile manufacturers responding to tightening global PFAS regulations. Applications for IceNein® span TRU trailers, intermodal transport refrigeration units, commercial and residential refrigeration, and HVAC systems.

The company's go-to-market motion is enterprise B2B field sales with co-development pilots. Revenue is generated primarily through licensing and product sales to enterprise operators of refrigeration systems, cold storage facilities, HVAC manufacturers, and technical textile manufacturers. Pricing is quote-based and negotiated per customer, with no public pricing disclosed. The company's commercial footprint to date is concentrated in California, where a $2.9 million California Energy Commission grant supports a field deployment of IceNein® at Daylight Foods' Union City cold storage facility as a real-world commercial demonstration. Nelumbo holds two registered trademarks (IceNein® and Mineral®) and is led by co-founder and CEO Liam Berryman, with co-founder David Walther serving as SVP of Engineering.

The business model is structurally supported by Kuraray's global manufacturing and distribution capabilities, which provide scale, brand credibility, and potential channel access. To date, Nelumbo has raised approximately $22.95 million in cumulative venture and grant funding across rounds in 2018 ($5.5M Series A led by Berkeley Catalyst Fund, plus a $554K DOE grant) and 2020 ($14M led by Prime Movers Lab and UTEC), supplemented by the 2024 CEC grant. The company has 11-50 employees and is positioned to benefit from regulatory tailwinds as PFAS-based coatings face increasing restrictions in both refrigeration and textile end-markets.

Name

Nelumbo

Legal name

Nelumbo Inc.

Website

https://nelumbo.io

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Nelumbo is a Menlo Park-based materials technology company and wholly-owned subsidiary of Kuraray that develops proprietary PFAS-free surface coatings, including IceNein® for refrigeration and HVAC anti-ice applications and Mineral® for textile water repellency, sold to enterprise industrial customers.

Ownership category

akta.pro rank

Product category

Specialty Surface Coatings

NAICS

Paint and Coating Manufacturing (32551)

SIC

Paints, Varnishes, Lacquers, Enamels & Allied Prods (2851), Adhesives & Sealants (2891)

akta.pro primary industry

Powder Coatings (IMAEAGAE)

Keywords

• PFAS-free coatings
• Anti-ice surface treatment
• Refrigeration efficiency materials
• Water repellent textiles
• Specialty materials chemistry

Headquarters

HQ city

Menlo Park

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Supply Chain, Operations, Marketing or Sales

Revenue model

1. IceNein® Product Sales: Revenue generated from licensing and selling IceNein® surface coating solutions to operators of refrigeration systems, cold storage facilities, TRU trailers, and HVAC manufacturers. Given the B2B enterprise sales motion and application-specific nature of the product, revenue is likely driven by technology licensing fees and product application fees.
2. Mineral® Product Sales: Revenue generated from licensing and selling Mineral® water repellency technology to technical textile manufacturers. PFAS-free positioning supports premium pricing and regulatory-driven demand.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Nelumbo develops and sells PFAS-free specialty surface coating materials. Its primary product, IceNein®, is an anti-ice coating applied to heat exchangers in refrigeration and HVAC systems to reduce ice formation and defrost cycles, improving energy efficiency and equipment life. Its secondary product, Mineral®, is a PFAS-free breathable water repellent treatment for technical textiles. Both products are sold to industrial customers and operators, with deployment supported by engineering integration.

Product overview

Nelumbo is a materials technology company that offers two distinct product lines: IceNein® (PFAS-free anti-ice coating for refrigeration and HVAC systems) and Mineral® (PFAS-free water repellency for textiles). IceNein® is applied to heat exchangers in refrigeration systems to reduce ice formation and defrost cycles, while Mineral® provides breathable waterproofing for textile applications. Both products are PFAS-free materials solutions targeting industrial and consumer markets.

Differentiator

Problem solved

Functional benefit

Brands

• IceNein®: PFAS-free anti-ice technology applied to heat exchangers in refrigeration and HVAC systems, reducing ice formation and defrost cycles to improve energy efficiency, system performance, operating costs, and equipment life. Applications include TRU Trailers, Intermodal TRU, Commercial Refrigeration, Residential Refrigeration, and HVAC.
• Mineral®

Products and services

• IceNein® PFAS-free anti-ice surface coating applied to heat exchangers in refrigeration and HVAC systems. Reduces ice formation and defrost cycles to improve energy efficiency, lower operating costs, and extend equipment life. Applications include TRU Trailers, Intermodal TRU, Commercial Refrigeration, Residential Refrigeration, and HVAC. Sold to enterprise operators and OEMs.
• Mineral®

Quantifiable outcome

• Significant energy efficiency improvement and operating cost reduction in refrigeration systems
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Daylight FoodscoreStrategic or Co-development Partner · 2 May 2024Nelumbo partnered with Daylight Foods to deploy its IceNein® anti-ice technology at Daylight Foods' Union City, California cold storage facility. The deployment is supported by a $2.9 million California Energy Commission (CEC) grant. The project aims to enhance energy efficiency and decarbonization of cold storage facilities, demonstrating IceNein® in a real-world commercial environment while addressing significant energy consumption in refrigeration.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Schoeller Technologies: Schoeller is a Swiss specialty textile chemicals company offering durable water repellent (DWR) treatments including PFAS-free options for performance textiles. Directly comparable to Nelumbo's Mineral® product line in the breathable, durable, PFAS-free textile water repellency category.
• HeiQ Materials: HeiQ is a Swiss materials science company supplying functional textile finishes including PFAS-free water repellent and anti-ice technologies. Comparable to Nelumbo on the Mineral® side as a PFAS-free textile finish supplier to global apparel and technical textile brands.
• NBD Nano: NBD Nano is a Boston-based startup developing nanostructured coatings including anti-ice and anti-fog surface treatments. Directly comparable to Nelumbo's IceNein® on the anti-ice coating application for industrial and refrigeration surfaces.
• Adaptive Surface Technologies: Adaptive Surface Technologies (acquired by Chevron) developed SLIPS and other anti-icing, anti-fouling coatings for industrial applications including heat exchangers. Highly comparable to Nelumbo's IceNein® in targeting ice prevention on HVAC and refrigeration equipment.

Emerging players

• NeverWet (Rust-Oleum): Rust-Oleum's NeverWet brand offers superhydrophobic spray coatings for consumer and light industrial water repellency. An emerging player in PFAS-free hydrophobic coatings, partially comparable to Nelumbo on water repellency chemistry though primarily consumer-grade.
• Hempel Foundation: Hempel is a global coatings supplier developing PFAS-free marine and industrial anti-fouling and protective coatings. Comparable to Nelumbo on PFAS-free industrial coating chemistry and the broader regulatory transition away from fluorinated chemistries.

Broad incumbents

• Daikin Industries: Daikin is a global HVAC and refrigeration OEM with deep fluoropolymer and specialty coatings expertise. As a broad incumbent in HVAC systems, it both uses coatings like IceNein® on its equipment and could develop competing anti-ice technologies internally.
• Danfoss: Danfoss is a global refrigeration and HVAC components manufacturer and an existing Nelumbo investor (via Danfoss Ventures). It is a broad incumbent that uses anti-ice technologies on its commercial refrigeration heat exchangers and represents both a customer and a potential competitor in this space.
• Chemours: Chemours is a major fluorochemicals producer (including Teflon/PFAS-based coatings and refrigerants) with exposure to both the textile water repellent and refrigeration markets. A broad incumbent whose PFAS phase-out could either reduce competitive intensity for Nelumbo or drive it to acquire PFAS-free alternatives.
• Arkema: Arkema is a French specialty chemicals company with PFAS-free coating and adhesive offerings across textile, industrial, and construction markets. A broad incumbent comparable to Nelumbo's parent (Kuraray) in specialty materials breadth and overlapping textile coating portfolios.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds6 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nelumbo