The Silent Revolution: Developments and Investments in Refrigerant-Free Cooling

The global demand for cooling is escalating at an unprecedented rate, driven by rising temperatures, urbanization, and the increasing reliance on data centers and electronics. However, conventional cooling technologies heavily rely on refrigerants, primarily hydrofluorocarbons (HFCs), which are potent greenhouse gases with global warming potentials (GWPs) thousands of times higher than carbon dioxide. As the world grapples with climate change, the imperative to find sustainable, refrigerant-free cooling solutions has become a critical focus for innovation and investment.

This article explores the latest breakthroughs in cooling technologies that eliminate the need for harmful refrigerants, highlights the evidence supporting their efficacy, and identifies the key players and investors driving this silent revolution.

The Urgent Need for a Cooler, Greener Future

The scale of the challenge is immense. The cooling sector is a significant contributor to global energy consumption and greenhouse gas emissions. The Kigali Amendment to the Montreal Protocol, in force since 2019, aims to gradually reduce HFC consumption, but innovative alternatives are needed to meet future cooling demands sustainably. The market for energy-efficient and climate-friendly cooling solutions is booming, driven by regulatory pressures, rising energy costs, and growing environmental awareness.

Breakthrough Technologies and Their Promise

Several promising technologies are emerging as viable alternatives to traditional vapor-compression systems:

1. Solid-State Cooling: Precision Without Chemicals

Solid-state cooling technologies leverage the properties of materials to transfer heat, eliminating the need for moving parts or chemical refrigerants. This class of technology offers the promise of improved efficiency, reduced emissions, and quieter, more compact devices.

• Thermoelectric Cooling (Peltier Effect): These devices use semiconductors to create a temperature difference when an electric current passes through them.

  • Recent Developments: A significant breakthrough was announced in May 2025 by researchers at the Johns Hopkins University Applied Physics Laboratory (APL) and Samsung Research. They developed a new, easily manufacturable, nano-engineered thin-film thermoelectric refrigeration technology that is twice as efficient as devices made with commercially available bulk materials. This innovation achieved nearly 100% improvement in efficiency over traditional thermoelectric materials at room temperature and a 70% improvement in a fully integrated refrigeration system. The key is using metal-organic chemical vapor deposition (MOCVD) for production, a method known for scalability. Future efforts include integrating AI to optimize energy efficiency in these systems. (Source: ACHR News, "Advances in Compressor-Free Cooling," June 29, 2025, and ScienceDaily, "Nano-engineered thermoelectrics enable scalable, compressor-free cooling," May 21, 2025,

  • Investors/Companies: Samsung Electronics is a major player, actively collaborating with research institutions like Johns Hopkins APL to commercialize Peltier cooling. Startups like MIMiC Systems (a thermoelectric solid-state startup) are also active in this space, often supported by accelerators like RMI's Third Derivative.

• Magnetocaloric Cooling: This technology uses magnetic materials that heat up when a magnetic field is applied and cool down when it's removed.

  • Recent Developments: Advancements in magnetic materials and system designs are propelling this market. Research and development efforts are focused on making these systems more cost-effective and easier to integrate. The global magnetic refrigeration market is projected to reach over $10 billion by 2031, growing at a CAGR of over 100%. Source: ReAnIn, "Global Magnetic Refrigeration Market Growth, Share, Size, Trends and Forecast,"

  • Investors/Companies: Startups like Magnotherm (a magnetocaloric solid-state cooling startup, part of RMI's Third Derivative accelerator) are key innovators. Established companies like BASF and Cooltech Applications are also engaged in enhancing magnetic materials.

• Elastocaloric Cooling: This method uses materials that heat up when stretched and cool down when released.

  • Recent Developments: In April 2025, Slovenia announced a breakthrough in elastocaloric cooling, developing a system that operates without harmful refrigerants using a special metal alloy (nickel-titanium). While prototypes currently achieve around 15% efficiency (compared to 20-30% for conventional systems), the project (E-CO-HEAT) aims for industrialization by 2026. Source: Evidence Network, "This country of just 2 million people stuns the world with a first in 100 years—a cooling system that works without gas," April 19, 2025,

  • Investors/Companies: Carrier Ventures has invested in elastocaloric startup Exergyn, and Copeland has backed thermoacoustic heat pump startup BlueHeart Energy, signaling growing industry confidence.

2. Evaporative Cooling: Harnessing Nature's Cool

Evaporative cooling uses water's natural cooling properties, often without direct contact between the water and the cooled air.

• Indirect Evaporative Coolers (IECs): These systems use evaporation to cool air without adding humidity to the conditioned space.

  • Recent Developments: In March 2025, Northumbria University's academic spin-out, EcoTechX, won the CIBSE Building Performance Award for its "Optimum Air Con" system. This Novel Indirect Evaporative Cooler (NIEC) consumes up to 65% less energy than conventional AC systems and can reduce carbon footprint significantly. It also avoids the dryness associated with traditional air conditioning. (Source: Northumbria University, "National recognition for eco-friendly aircon innovation," March 13, 2025,

  • Investors/Companies: University funding and grants (e.g., Northern Accelerator Proof-of-Concept grant) are supporting early-stage development and commercialization efforts like EcoTechX.

3. Radiative Cooling: Passive Cooling for a Warming World

Radiative cooling is a passive technology that cools objects by radiating heat into space, even under direct sunlight, without consuming any energy.

• Recent Developments: Advances are primarily in new materials and coatings that enhance emissivity in the atmospheric transparency window. The market is projected for significant growth driven by energy efficiency and environmental sustainability concerns. Source: Market Insights Report, "Radiative Cooling Technology 2025 Trends and Forecasts 2033," July 8, 2025,

• Investors/Companies: Key players include SkyCool Systems, SPACE COOL, i2Cool, ChillSkyn, Radi-Cool, SVG Optoelectronics, 3M, and Azure Era. These companies are focusing on product differentiation, strategic partnerships, and geographical expansion to capture market share.

The Investment Landscape: Fueling the Transition

The shift towards refrigerant-free cooling is attracting diverse investment, driven by both climate imperative and market opportunity:

• Venture Capital (VC) & Accelerators: Early-stage capital, particularly pre-seed and seed investments, is playing a pivotal role in supporting startups like MIMiC Systems and Magnotherm as they scale and commercialize innovations. Accelerators like RMI's Third Derivative are crucial in connecting these startups with broader networks and established players.

• Corporate Venture Arms & Strategic Partnerships: Established manufacturers are actively monitoring, engaging with, and investing in solid-state cooling. Examples include Carrier Ventures and Copeland investing in promising startups. These partnerships often pave the way for commercialization through licensing, direct sales, or even acquisitions.

• Government & Research Funding: Public funding (e.g., from the U.S. Department of Energy, National Science Foundation, Office of Defense Advanced Research Projects Agency) and university grants continue to be vital for fundamental research and prototype development, as seen with the Johns Hopkins APL and Northumbria University projects.

• Growing Market Size: The overall solid-state cooling market is expected to reach nearly $2 billion by 2030, with a remarkable CAGR, indicating strong investor confidence in the long-term viability and profitability of these technologies.

Conclusion: A Cooler, Sustainable Future is Within Reach

The developments in refrigerant-free cooling technologies represent a significant leap forward in addressing the climate impact of traditional cooling systems. From highly efficient thermoelectric and magnetocaloric materials to innovative evaporative and passive radiative solutions, the scientific and engineering breakthroughs are clear.

This burgeoning sector is attracting substantial investment from venture capital, corporate strategic funds, and public research initiatives, all recognizing the immense market opportunity and the urgent environmental need. As regulations tighten and demand for sustainable solutions grows, these innovative cooling methods are poised to transform how we keep our homes, businesses, and data centers cool, paving the way for a truly sustainable and resilient future.