What PWR Advanced Cooling Technology does

PWR Advanced Cooling Technology designs, manufactures, and supplies high-performance aluminum cooling solutions from its headquarters in Ormeau, Queensland, Australia. Founded in 1997 as Paul Weel Radiators by Kees and Paul Weel, the company has grown into a publicly listed (ASX: PWH, since November 2015) global supplier serving the motorsport, automotive OEM, aerospace, defense, electric and hybrid vehicle, industrial, and renewable energy markets. PWR holds every Formula One supply slot on the grid, supports top-league programs across NASCAR, IndyCar, NHRA, IMSA, DTM, WRC, Le Mans, and V8 Supercars, and provides bespoke cooling systems for prestige road cars at Porsche, Aston Martin (Valkyrie), Mercedes-AMG (Project ONE), Pagani, Ford, Koenigsegg, GM, and Rimac. Additional notable enterprise customers include Northrop Grumman (defense) and Red Bull Ampol Racing (Australian Supercars).

The core product architecture spans four heat exchanger families — Tube and Fin, Bar and Plate, Liquid Cold Plates, and the proprietary Micro Matrix Heat Exchanger (MMX) — supported by a vertically integrated manufacturing stack that includes aluminum vacuum brazing, CNC machining, high-temperature polymer SLA and aluminum DMLS additive manufacturing, four clean room assembly lines, a 42-tonne Yxlon CT scanner for non-destructive quality assurance, and an in-house wind tunnel calorimeter. Manufacturing partnerships with Velo3D for metal additive manufacturing and with Constellium for next-generation 3D printed aluminum heat exchangers extend the technology pipeline. PWR is the only Australian company holding both Nadcap-accredited heat-treating and chemical processing under one roof, and holds AS9100D, ISO 14001:2015, ITAR (US), DECS (Australian), and CAGE code Z0UP4 certifications.

Revenue is generated through three channels: direct enterprise sales of bespoke cooling systems and design services to motorsport teams, automotive OEMs, aerospace primes, and defense contractors (the largest stream); a direct-to-consumer e-commerce aftermarket channel (shop.pwr.com.au) for performance cooling components; and product distribution partnerships such as the Battlefield International agreement for fluid connectors. The company operates three regional hubs — Ormeau and Stapylton (Queensland, Australia), a 46,000-square-foot ITAR-registered facility in Indianapolis (PWR North America, formerly C&R Racing), and Silverstone, UK (PWR Europe) — and exports over 90% of its output globally. Reported revenue was A$147.6 million, with multi-year double-digit growth and a market capitalization approaching A$1 billion as of 2022.

Name

PWR Advanced Cooling Technology

Legal name

PWR Holdings Limited

Website

https://pwr.com.au

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

101–250 employees

Short description

PWR Advanced Cooling Technology manufactures high-performance aluminum heat exchangers, radiators, intercoolers, and liquid cold plates for motorsport, aerospace, defense, OEM automotive, and electric vehicle customers globally, supplying every Formula One team and premium OEMs including Porsche, Aston Martin, and Northrop Grumman.

Ownership category

akta.pro rank

Product category

Thermal Management and Cooling Systems

NAICS

Power Boiler and Heat Exchanger Manufacturing (332410), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414), Metal Heat Treating (332811)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585)

akta.pro primary industry

Automotive Heat Exchangers Manufacturing (Radiators/Condensers/Evaporators/Heater Cores) (IMACALAC)

akta.pro secondary industries

Heat Exchangers & Thermal Transfer Equipment (IMAHAKAC), Automotive Thermal Management for Electrified Powertrains (Battery/Inverter/Motor Cooling) (IMACALAD), Waste Heat Recovery & Heat Integration (HRSG/ORC, Pinch Analysis, Heat Exchangers) (EUABAJAF)

Keywords

• Advanced cooling systems
• Aluminum heat exchangers
• Motorsport thermal management
• Additive manufacturing cooling
• Ev battery cooling

Headquarters

HQ city

Ormeau

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Cooling Systems Hardware Sales: PWR manufactures and sells high-performance aluminum cooling products including radiators, intercoolers, oil coolers, and heat exchangers for motorsport, automotive, aerospace, and defense applications. Revenue is generated through direct sales to racing teams, OEM manufacturers, defense primes, and the aftermarket consumer market.
2. Engineering and Design Services: PWR provides turn-key cooling system solutions through integrated engineering and design from prototype design, specification and simulation through manufacture, test verification and volume production. Revenue generated through custom development projects and ongoing engineering support.
3. Aftermarket Products: Direct-to-consumer sales of performance cooling components through the PWR online store, including radiators, intercoolers, transmission oil coolers, engine oil coolers, thermo fans, and accessories for the performance automotive aftermarket.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels5 records

Core offering

PWR designs, engineers, manufactures, and supplies advanced aluminium thermal management and cooling solutions — including tube and fin heat exchangers, bar and plate heat exchangers, liquid cold plates, and its proprietary Micro Matrix Heat Exchangers (MMX) — for motorsport, automotive OEM, aerospace, defence, electric/hybrid vehicle, renewable energy, and industrial customers. The company delivers turn-key cooling solutions from design and simulation through prototyping, additive manufacturing, vacuum brazing, in-house wind tunnel and CT-scanner validation, and volume production.

Product overview

PWR Advanced Cooling Technology is a global manufacturer and supplier of advanced cooling solutions serving the motorsport, automotive, aerospace, defence, and industrial sectors. The company offers a comprehensive portfolio of thermal management products built around its core heat exchanger technologies: Tube and Fin Heat Exchangers, Bar and Plate Heat Exchangers, Liquid Cold Plates, and the proprietary Micro Matrix Heat Exchangers (MMX). The portfolio is complemented by Additive Manufacturing capabilities for complex geometries, along with a Performance Aftermarket line of consumer-facing cooling components available through the online store. PWR provides both standard and fully customisable solutions, serving everyone from Formula One teams to industrial manufacturers, with vertical integration across design, simulation, manufacturing, testing, and validation. The company operates from facilities in Australia, the United States (PWR North America), and the United Kingdom (PWR Europe), supplying cooling systems to every Formula One team, major automotive OEMs (Porsche, Aston Martin, Pagani, Ford, Koenigsegg, Rimac, GM), and defence primes including Northrop Grumman.

Differentiator

Problem solved

Functional benefit

Brands

• PWR North America: US-based subsidiary operations serving American race markets including NASCAR, IndyCar, NHRA and IMSA sports cars, as well as niche automotive OEMs and military markets.
• PWR Europe

Products and services

• Tube and Fin Heat Exchangers Customisable heat exchangers tailored to extract the best performance for specific applications, developed through extensive R&D in tube and fin technology, sold to motorsport, automotive, aerospace, defence, and industrial customers.
• Bar and Plate Heat Exchangers Robust and durable heat exchangers known for increased strength, with a wide range of construction options that can be tailored to meet project requirements and optimise performance, for motorsport, automotive, aerospace, defence, and industrial applications.
• Micro Matrix Heat Exchangers (MMX) Extremely efficient, compact and lightweight liquid-liquid cooling solutions constructed from an array of hollow micro tubes (similar to hypodermic needles) ranging from 0.3mm to 1mm diameter, offering unrivalled performance in compact spaces for motorsport, aerospace, defence, electronics, and EV thermal management.
• Liquid Cold Plates Liquid cooling plates and brazed chassis sold to the Aerospace, Defence, and Motorsport markets, used in applications such as radar systems, autonomous vehicles, energy storage systems, and power electronics cooling.
• Additive Manufacturing / 3D Printing Services High temperature polymer SLA and aluminium powder DMLS additive manufacturing sold as a standalone production service, enabling world-leading aluminium heat exchangers with super thin walls and minimal support structure requirements.
• Motorsport Cooling Solutions Bespoke cooling solutions for motorsport applications including Formula One, NASCAR, V8 Supercars, Deutsche Tourenwagen Masters, World Rally Championship, IndyCar, GT3, and Le Mans endurance racing, supplied directly to racing teams and constructors.
• Defence Cooling Systems Design, manufacture, full system integration and testing of cooling systems for the defence sector including heat exchanger assemblies, thermal management solutions, and additively manufactured components for propulsion systems, power electronics, and energy storage.
• Aerospace Cooling Systems Cooling solutions for the aerospace sector including heat exchanger assemblies, thermal management solutions, and additively manufactured components for propulsion systems, power electronics, and energy storage applications, delivered under AS9100D quality management.
• OEM Automotive Cooling Products Cooling products for the OEM road car market including complete car solutions for ICE, hybrid, and full electric vehicles, supplied to manufacturers such as Porsche, Aston Martin, Pagani, Ford, Koenigsegg, GM, and Rimac, with production volumes from one-off specials to 20-30k vehicle sets per year.
• Electric and Hybrid Vehicle Cooling Systems Custom liquid cooling products for energy storage systems, power electronics cooling, heat exchange for battery and electronics applications, including complete autonomous vehicle cooling solutions with dielectric cooling and compute cooling liquid cold plates.
• Renewable Energy Cooling Solutions Cooling products for the renewable energy sector including motor generator units (MGUs) and power electronic cooling using liquid cooling plates for wind, water, and solar power generation applications.
• Industrial Cooling Solutions Cooling solutions for industrial applications including commercial ICE and electric buses, general haulage trucks, heavy mining equipment, industrial drying machines, and autonomous mining and recovery vehicles.
• Next-Gen Ford Ranger Raptor Cooling Products Performance cooling products developed and released for the Next-Gen Ford Ranger Raptor program, supporting off-road racing such as the Baja 1000 and Finke Desert Race.
• Performance Aftermarket Cooling Products High-performance aftermarket cooling components sold direct-to-consumer via shop.pwr.com.au, including radiators, intercoolers, transmission oil coolers, engine oil coolers, heat exchangers, thermo fans, and accessories for automotive enthusiasts.
• Engineering and Design Services Turn-key cooling system engineering services from prototype design, specification, and simulation through manufacture, test verification, and volume production, delivered as a paid professional services engagement to enterprise customers.

Quantifiable outcome

• Supplied cooling systems to every Formula One team globally
• +4 more outcomes

Named customers14 records

Segments8 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Five partnerships are on record, tiered core and supporting.

• Northrop GrummancoreStrategic or Co-development Partner · 14 May 2026Defense contractor recognizing PWR as a top supplier for Supplier Strategic Excellence. PWR supplies cooling systems for defense platforms and contributes to strengthening the defense industrial base. Northrop Grumman noted PWR's innovation and commitment to excellence in delivering capabilities to customers.
• ConstelliumcoreStrategic or Co-development Partner · 2 May 2023Partnership to develop next-generation 3D printed heat exchangers and aluminum components. Constellium brings decades of knowledge in rapid solidification metallurgy and is a privileged metal supplier in aerospace. Combined expertise enables development of advanced additively manufactured cooling solutions.
• Battlefield InternationalcoreChannel Partner/ Reseller/ Distributor · 16 February 2022Strategic distributor agreement for fluid quick disconnect couplings, valves, and custom fittings. Headquartered in Canada, Battlefield produces bespoke lightweight high-performance fluid connectors. PWR distributes Battlefield products across Europe, Australia, New Zealand and USA regions. Partnership enables integrated fluid connector and thermal management system solutions for customers.
• Velo3DsupportingTechnology or IntegrationPWR has worked with California-based Velo3D to develop highly advanced 3D printing capabilities for cooling components using their specialized metal additive manufacturing technology.
• SPALsupportingChannel Partner/ Reseller/ DistributorPWR is a supplier of SPAL thermo fans to the automotive industry. These first-class products complement PWR's cooling range for tailored cooling solutions.

Scale indicators10 records

Recent moves9 records

Expansion highlights7 records

Broad incumbents

• Modine Manufacturing: Modine is a large US-headquartered thermal management manufacturer serving automotive, commercial vehicle, data center and industrial customers. It is the most direct broad incumbent to PWR in heat exchangers and liquid cold plates, with overlapping capabilities in EV battery cooling and defense thermal systems but at substantially larger scale.
• Mahle (Behr): Mahle, including the Behr thermal management business, is a global Tier-1 automotive supplier of radiators, intercoolers, oil coolers and HVAC modules. Comparable to PWR in automotive heat exchanger manufacturing and EV thermal management, but with very high volume OEM programs that span mass-market vehicle manufacturers.
• Valeo: Valeo is a global French automotive supplier with a strong thermal products business (radiators, condensers, HVAC modules) and active EV battery cooling portfolio. Comparable to PWR in automotive heat exchanger manufacturing with a much larger global footprint and OEM customer base.
• Denso (thermal systems): Denso is a major Japanese automotive Tier-1 manufacturer of radiators, condensers and HVAC components for global OEMs. Overlaps with PWR in production of automotive heat exchangers and battery thermal management, though at vastly higher volume and broader model coverage.
• Chart Industries: Chart Industries designs and manufactures heat transfer and cryogenic equipment for industrial, energy and clean-energy end markets including liquefied gas, hydrogen, and carbon capture. Comparable to PWR's industrial heat exchanger capability and waste-heat / renewable energy segment, though focused on heavier industrial process applications.

Direct peers

• Gentherm: Gentherm is a US thermal technology company specializing in automotive climate control and increasingly battery thermal management for EVs (including Chevrolet Bolt and BMW programs). Closely aligned with PWR's emerging focus on liquid cold plates and battery cooling for electrified powertrains.
• Boyd Corporation: Boyd designs and manufactures thermal management solutions including liquid cold plates, heat sinks and heat exchangers for aerospace, defense, automotive and electronics customers. Overlapping customer profile and liquid cooling product overlap make it a direct competitor in PWR's defense, aerospace and EV thermal segments.
• AKG Group (heat exchangers): AKG is a German-headquartered specialist in heat exchangers and radiators for commercial vehicles, construction equipment, agricultural machinery and industrial applications. Comparable to PWR's Industrial and Commercial Vehicle cooling segments with overlapping product lines in oil coolers and radiators.

Emerging players

• C&R Racing (subsidiary, not separate peer): Listed for context: C&R Racing was PWR's North America acquisition; it has no separate public identity as a standalone peer but functions as PWR's US racing and defense platform.
• RTR Performance / Speedy Cooling: RTR is an Australian-based small manufacturer of high-performance radiators and intercoolers serving motorsport and performance aftermarket. A regionally relevant emerging competitor in the performance aftermarket segment where PWR sells direct-to-consumer through shop.pwr.com.au.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/pwradvancedcoolingtechnology
• LinkedInlinkedin.com/company/pwr-advanced-cooling-technology
• Xx.com/pwrperformance

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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 PWR Advanced Cooling Technology