An international company specializing in additives for industrial heating and cooling systems has raised USD 5.9M from a round of funding led by Saudi Aramco Energy Ventures (SAEV) and the Progress Tech Transfer Fund (PTT).
HT Materials Science (HTMS) produces heat transfer fluid additives which, when added to water and glycol heating and cooling systems, yield substantial improvements in energy use.
SAEV is the corporate venturing program of Aramco Ventures, a subsidiary of Aramco.
The Series A financing will be used to fund a number of projects, develop manufacturing capability and invest in sales and distribution networks in the US, Middle East, Europe and Asia.