Shenzhen – September 10, 2026 -- i2Cool Shenzhen Limited has closed a Series B financing round worth tens of millions of yuan, equivalent to several million US dollars, backed by Shenzhen TopoScend Capital Co., Ltd., with Linglu Capital acting as exclusive financial adviser.
The company, which develops electricity-free passive radiative cooling materials, will use the proceeds to build standardized nanoparticle production lines, advance core technology, recruit key talent, and expand commercially in priority global markets.
i2Cool reports a CNY 120 million order backlog and 377% three-year revenue CAGR
i2Cool's commercialization has accelerated, with an order backlog of CNY 120 million (approximately US$17.9 million) and a three-year compound annual growth rate of 377% in operating revenue. The company has completed more than 500 projects covering over 1,100,000 square metres across more than 30 countries and regions, including markets in the Middle East and Southeast Asia. Overseas markets account for 50% of revenue.
Core products hit 95% solar reflectivity while AI cuts R&D time twelvefold
i2Cool's technology engineers material performance across ultraviolet, visible, near-infrared, and mid-infrared bands, reflecting solar radiation and emitting heat through the 8–13 μm atmospheric window to enable passive cooling without electricity or refrigerants. Its core products achieve solar reflectivity and mid-infrared emissivity above 95%. Separately, a research paper involving team members published in Science reported a hierarchically structured ceramic material achieving 99.6% solar reflectivity and 96.5% mid-infrared emissivity, figures specific to that research and not uniform across i2Cool's commercial line. The company states its AI-powered optical simulation combined with polymer materials science has improved R&D efficiency by a factor of 12 versus conventional methods, according to internal benchmarks.
Founding team draws on City University of Hong Kong research and 15 years of radiative-cooling expertise
Founded in 2022, i2Cool's leadership includes co-founder Professor Edwin Chi-Yan Tso, Chair Professor of Energy and Sustainability at City University of Hong Kong, and co-founder and CEO Prof. Martin Y. Zhu, named to the Forbes China 30 Under 30 list in 2024. The team brings more than 15 years of combined research experience in radiative cooling. Its "Particle+" platform extends core materials into coatings, films, powder coatings, textiles, automotive coatings, and exterior wall tiles.
i2Cool targets AI data centres, robotics and new energy vehicles for next growth phase
Beyond established building and power infrastructure applications, i2Cool is expanding 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 (Towngas), and Toyota Tsusho Corporation.
"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,