September, 2025 Leeds, United Kingdom

AssetCool, a UK-based deep tech company that has developed advanced robotics and photonic coatings for power lines, has announced that Elewit, the technology platform of Redeia (Spain’s transmission system operator), has joined its Series A funding round as a strategic investor.

The £10 million round, led by Energy Impact Partners (EIP) with participation from Extantia Capital, Taronga Group, and Mercia Ventures, now includes Elewit as part of a global syndicate of investors supporting AssetCool’s mission to deliver rapid, cost-effective capacity upgrades for power grids worldwide.

AssetCool’s scalable coating and robotic deployment technology stack significantly enhances the capacity of overhead power lines, enabling utilities to integrate more renewable energy while avoiding costly and time-consuming infrastructure upgrades. With Elewit joining as a shareholder, AssetCool gains not only capital but also direct access to Redeia’s expertise as a leading European transmission system operator.

“Elewit is exactly the kind of strategic partner we want alongside us as we scale,” said Dr Niall Coogan, CEO and co-founder of AssetCool. “They understand the day-to-day challenges of running a transmission grid and bring invaluable insights into regulatory, operational, and customer needs. This partnership will open new doors in the EU and LATAM, accelerate adoption, and strengthen our ability to support utilities in much more than a single service.”

Elewit, as one of Europe’s leading transmission system operators through Redeia, has been following AssetCool’s journey closely for several years. Their decision to join as an investor reflects not only confidence in AssetCool’s technology but responds to a dual strategic motivation. On one hand, it aims to position Redeia and its subsidiaries at the forefront of technological solutions that optimize the use of existing infrastructure focusing on the practical application of advanced coatings and autonomous robotics. On the other hand, it lays the groundwork for future collaborations in the creation of new approaches and methodologies to continue strengthening the resilience and sustainability of electric transmission grids.

“Strategic investors like Elewit are critical at this stage of our journey,” added Coogan. “Beyond funding, they validate our technology, help shape market adoption, and ensure that innovation in robotics, materials science and advanced analytics is anchored in real-world grid needs.”

About AssetCool

AssetCool develops advanced robotics and functional coating for energy grid infrastructure. Its core platform increases the capacity and efficiency of power lines through direct external application of proprietary thermal-management nanomaterials. In addition, the company is equipped to solve additional problems that grid operators are facing including noise, corrosion, and other O&M challenges of the line. More at www.assetcool.com.

About Elewit

Elewit is the Technology platform of Redeia. Founded in 2019 with the purpose of offering solutions to new challenges in the electricity and telecommunications sectors, Elewit aims to promote the energy transition as well as the move to a sustainable future. More at www.elewit.ventures.