The proceeds will support the development of standardized nanoparticle production lines, continued advancement of core technologies, recruitment of key talent, and commercial expansion across priority global markets.
Financing Overview
SHENZHEN, China, Sept. 8, 2026 — i2Cool Shenzhen Limited (“i2Cool”), a platform company specializing in electricity-free passive radiative cooling materials, has completed a Series B financing round worth tens of millions of yuan, equivalent to several million US dollars. The round was backed by Shenzhen TopoScend Capital Co., Ltd. (“TopoScend Capital”), with Linglu Capital serving as the exclusive financial adviser.
The proceeds will primarily be used to build standardized nanoparticle production lines, advance core technology development, recruit key talent, and accelerate commercialization in priority markets worldwide.
Research Foundations and a Scalable Product Platform
Founded in 2022, i2Cool focuses on the research, manufacturing, and commercialization of electricity-free passive radiative cooling materials. The company has established scalable production and delivery capabilities for radiative cooling nanoparticles. Its founding team has strong roots in Hong Kong academia and is led by two scholars recognized among the world’s top 2% most-cited scientists. Together, the team brings more than 15 years of research experience in radiative cooling and related fields, as well as extensive expertise in translating materials science into commercial applications.
Co-founder Professor Edwin Chi-Yan Tso is Associate Dean (Internationalisation and Outreach) and Chair Professor of Energy and Sustainability at the School of Energy and Environment, City University of Hong Kong. He is also a member of the Hong Kong Young Academy of Sciences and a recipient of support under the National Science Fund for Excellent Young Scholars. Co-founder and CEO Prof. Martin Y. Zhu is an Adjunct Professor in the Department of Management at City University of Hong Kong’s College of Business and was named to the Forbes China 30 Under 30 list in 2024.
At the heart of i2Cool’s business is its “Particle+” platform, built around standardized functional nanoparticles. The platform extends the company’s core radiative cooling materials into coatings, films, powder coatings, textiles, automotive coatings, exterior wall tiles, and other end products—creating an integrated portfolio from enabling materials to finished applications.
Full-Spectrum Thermal Management, Accelerated by AI
i2Cool’s core technology is built on full-spectrum thermal management and optical control. By engineering material performance across the ultraviolet, visible, near-infrared, and mid-infrared bands, its solutions reflect solar radiation to reduce heat gain while emitting thermal energy through the 8–13 μm atmospheric window. This enables passive cooling without additional electricity or refrigerants.
i2Cool’s core products can achieve solar reflectivity and mid-infrared emissivity of more than 95%. To move beyond the predominantly white appearance of conventional radiative cooling materials, the company also integrates technologies such as photoluminescence and thermochromism, enabling color customization and adaptive thermal control while preserving cooling performance.
Related research involving members of the team was published in Science. The reported hierarchically structured passive radiative cooling ceramic achieved 99.6% solar reflectivity and 96.5% mid-infrared emissivity. These figures relate specifically to the research material reported in the paper and should not be interpreted as uniform specifications across all of i2Cool’s commercial products.
Building on this foundation, i2Cool combines AI-powered optical simulation with polymer materials science to model and optimize light-scattering and reflection pathways within nanoparticle systems. According to the company’s internal development benchmarks, this approach has improved R&D efficiency by a factor of 12 compared with conventional methods.
Commercial Momentum and Global Expansion
i2Cool’s commercialization has continued to accelerate. The company currently reports 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. Its solutions have reached more than 30 countries and regions, including markets across the Middle East and Southeast Asia. To date, i2Cool has completed more than 500 projects covering over 1,100,000 square metres, with overseas markets accounting for 50% of revenue.
Alongside established applications in buildings and power infrastructure, i2Cool is expanding into high-growth areas such as AI data centres, robotics, and new energy vehicles. The company has worked with industry players including Sunwoda Electronic Co., Ltd., The Hong Kong and China Gas Company Limited (Towngas), and Toyota Tsusho Corporation.
Leadership and Investor Perspectives
“Our ambition extends beyond any single radiative cooling product. We aim to build a platform company for the sector,” said Prof. Martin Y. Zhu, Co-founder and CEO of i2Cool. “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.”
“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,” said Yanping Shi, Vice President of TopoScend Capital and General Manager of the Duliang Advanced Industries Investment Fund. “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.”
“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,” said Xiaorui Xi, Investment Director at Linglu Capital. “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.”
About i2Cool
Founded in 2022, i2Cool Shenzhen Limited is a green technology company specializing in electricity-free passive radiative cooling. Built around standardized functional nanoparticles, its portfolio spans coatings, films, powder coatings, textiles, automotive coatings, ceramics, and other applications. Through passive cooling solutions that require no additional electricity or refrigerants, i2Cool helps customers across industries reduce heat loads, energy consumption, and carbon emissions.
Contact:
i2Cool Limited
[email protected]
i2Cool Limited
[email protected]
SOURCE i2Cool
