Magneto and the EIC Accelerator: Cooling With Magnets

Magneto, a 2018 spin-off of Delft University of Technology, develops magnetocaloric heat exchangers: 3D-printed parts made of a rare-earth-free alloy that warms when magnetised and cools when the field is removed, so a heat pump can move heat using water instead of refrigerant gases. It was selected in the EIC Accelerator's March 2023 cut-off and received an EU grant of €2.50 million for a €3.59 million project that runs from December 2023 to November 2026, according to CORDIS. The objective promised to widen the temperature range and "run first pilots in commercial cooling sector by 2025".

The only public report, to November 2024, says Magneto built a library of materials covering -20 to +50°C and achieved stable production of printed heat exchangers with fibres thinner than 250 microns, according to the CORDIS reporting page. It says its material uses no rare earths, reuses a steel-industry waste product and costs as little as €3 per kilogram. No pilot with a heat pump maker or commercial cooling customer has been announced. The project has two months to run.

Where Magneto Stands Now

Magneto is based at the YES!Delft incubator. Its history page lists a series of public grants, from a €40,000 feasibility study with TU Delft to the EIC award, and it won a €500,000 Eurostars grant in 2023, according to Catalyze, the consultancy that prepared both applications. No private funding round has been announced by the company. Its revenue and staff numbers are not public, and the objective's target of €85 million of revenue by 2029 has no public milestones behind it yet.

The Technology: Heat Moved by Magnetism

Most heat pumps and fridges compress a refrigerant gas; the most efficient gases are banned for their climate impact, and replacements are less efficient, the report says. Magnetocaloric heat pumps have worked in laboratories for years but depended on costly rare-earth materials with narrow temperature ranges. Magneto claims its devices can be up to 30% more efficient than vapour compressors. No magnetocaloric heat pump using its exchangers has yet been shown publicly working at commercial scale.

What the EIC Award Promises, and What the Record Shows So Far

The project is still running, so final judgement must wait. In the report to November 2024 the materials and heat exchangers had advanced. The 2025 commercial cooling pilots named in the objective are not in the public record, and validation with heat pump manufacturers, the project's stated focus, has not been announced.

1. Material libraryDelivered-20 to +50°C, 2024.
2. Printed heat exchangersDeliveredUnder 250-micron fibres.
3. Commercial pilots by 2025Not announcedNone public.
4. Manufacturer validationUnverifiedProject runs to Nov 2026.

The Money

The EU pays 70% of the project. On the company's own list, public grants have carried Magneto from feasibility study to prototype. The EIC grant alone is larger than all its earlier listed grants together. To build heat pumps or supply manufacturers at scale it will need private capital it has not yet announced.

What Cannot Be Checked

Why Europe Should Care

Heating and cooling use more electricity than any other application, the report says, and demand from data centres is growing. A refrigerant-free heat pump without rare earths would help Europe cut emissions and dependence on imported materials. Magneto has the materials science; the proof in a working product is still to come.

The Verdict

Magneto and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.