i2Cool Raises Series B Funding for Global Growth

i2Cool has secured a Series B financing round worth tens of millions of yuan from TopoScend Capital to expand its electricity-free passive radiative cooling materials platform. The Shenzhen company will use the funding to build standardised nanoparticle production lines, advance core technologies, recruit talent and support commercial expansion in priority global markets. Founded in 2022, i2Cool reports a CNY 120 million order backlog, operations across more than 30 countries and regions, and more than 500 completed projects. Linglu Capital acted as exclusive financial adviser on the transaction.

Particle Platform Expansion

i2Cool’s Particle+ platform is built around standardised functional nanoparticles, extending its radiative cooling materials into coatings, films, powder coatings, textiles, automotive coatings and exterior wall tiles. The company said its founding team brings more than 15 years of research experience in radiative cooling and related fields.

The technology is designed to manage thermal performance across ultraviolet, visible, near-infrared and mid-infrared bands. i2Cool said its core products can achieve solar reflectivity and mid-infrared emissivity of more than 95%, while colour customisation and adaptive thermal control are supported by photoluminescence and thermochromism technologies.

Research And Product Development

Research involving members of i2Cool’s team was published in Science, reporting a hierarchically structured passive radiative cooling ceramic with 99.6% solar reflectivity and 96.5% mid-infrared emissivity. The company noted that those figures relate specifically to the research material reported in the paper rather than uniform specifications for its commercial products.

i2Cool also combines AI-powered optical simulation with polymer materials science to model and optimise light-scattering and reflection pathways within nanoparticle systems. According to its internal development benchmarks, the approach has improved research and development efficiency by a factor of 12 compared with conventional methods.

Commercial Reach And Applications

The company reports a three-year compound annual growth rate of 377% in operating revenue, with overseas markets accounting for 50% of revenue. Its completed projects cover more than 1,100,000 square metres, spanning established uses in buildings and power infrastructure.

i2Cool is also extending its applications into AI data centres, robotics and new energy vehicles. The company has worked with Sunwoda Electronic Co., Ltd., The Hong Kong and China Gas Company Limited, known as Towngas, and Toyota Tsusho Corporation.

Funding Supports Production Scale

The latest investment is intended to support the company’s production capacity and wider deployment in high-value applications.

Prof. Martin Y. Zhu, Co-founder and CEO at i2Cool, said:

“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.”

TopoScend Capital positioned the investment within its focus on low-carbon value chains and green technology.

Yanping Shi, Vice President of TopoScend Capital and General Manager of the Duliang Advanced Industries Investment Fund, said:

“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.”

International Commercial Ambition

i2Cool’s Series B round gives the company fresh resources to scale its nanoparticle production and build on its international commercial footprint. With a product range spanning materials and finished applications, the business is positioning its passive cooling platform for broader industrial use.

Xiaorui Xi, Investment Director at Linglu Capital, said:

“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.”