UK green startup eyes Hong Kong partnership after climate tech competition win

A UK green startup developing a zero-emission cooling technology that could help cut household air-conditioning costs is eyeing its first partnership in Hong Kong, following its gold win in a locally founded innovation race with expanding global influence.

Barocal, a Cambridge-based startup, won the US$1 million (HK$7.8 million) gold winner prize at the 4th TERA-Award Smart Energy Innovation Competition organized by Full Vision Capital, the private family office of prominent businessman Peter Lee Ka-kit.

Plastic crystals replace polluting refrigerants with energy-efficient cooling

Barocal’s technology replaces polluting refrigerant gases with solid organic “plastic crystal” materials that undergo temperature changes when pressure is applied, delivering up to triple the energy efficiency of conventional cooling.

Developed over 15 years at the University of Cambridge by material physicist Xavier Moya and his team, the spinout is now cutting costs and preparing for mass production, with potential applications spanning air-con alternatives, data centers, and cold storage.

Hong Kong as gateway to Asia’s cooling markets

Barocal’s commercial director Florian Schabus described Hong Kong as a “springboard” into Asia and a crucial cooling market, with air conditioning consuming up to 60 percent of summer electricity. 

“We’re definitely planning to increase our presence in Hong Kong,” he said, including a visit later this year.

Supporting startups to 'go global' despite trade barriers

TERA-Award, aimed at discovering and incubating climate tech unicorns, drew a record-high 785 entries from 76 countries or regions this year. It also saw a rise in US submissions to 12 percent, up from about 8.8 and 6.5 percent over the past two years.

Faced with rising trade barriers, the award’s organizing committee executive chairman and Full Vision Capital managing partner Alan Chan Ying-lung said TERA-Award is committed to helping startups expand globally.

Hong Kong startup scene has room to grow: Organizer

He cited EcoCeres, a renewable fuel unicorn they incubated, which exports 90 percent production to Europe, with facilities in mainland China and Malaysia. Chan added that they advise clients on navigating geopolitical challenges.

Asked about Hong Kong startups missing from the top 17 performers, Chan acknowledged the city's startup scene still lags but expressed confidence it will catch up, citing strong government support and a talent-friendly legal and tax environment.

(Jamie Liu)