State government-funded Breakthrough Victoria has led an $11 million Series B funding round for a company, it says, has revolutionised heat exchanger technology.
Breakthrough Victoria has invested $5 million in Waurn Ponds, Geelong-based Conflux Technology. Other investors in the round were emerging companies investment firm Acorn Capital and AM Ventures, a Germany-based specialist investor in additive manufacturing technologies.
Conflux has developed a method of constructing heat exchangers using metals additive manufacturing and 3D printing which enables it to produce smaller, lighter and more efficient units. The company says it can also produce units to almost any shape required.
Heat exchangers are used to transfer thermal energy from one fluid to another to heat or cool. Demand for higher performance heat exchangers is being driven by innovations in aerospace, electric vehicles and advanced machinery as well as requirements for improved sustainability.
The total market for heat exchangers is estimated at $US17.7 billion annually and is expected to grow significantly.
Breakthrough Victoria chief executive Grant Dooley said the investment in Conflux illustrated the fund manager’s commitment to efficiency and sustainability in innovation.
AM Ventures chief venture officer Arno Held said: “The Conflux team has impressively demonstrated how well it understands metals AM technology. Complex structures in challenging environments require not only the highest standard of machine technology to produce parts but also the best engineering skills to design the right products.”
Chief executive and founder of Conflux Michael Fuller said the additional funding and support would enable the company to continue developing its production methods.
The company’s goal is to productise its heat exchanger designs and manufacturing processes so customers will be able to manufacture their own units locally.
Customers of Conflux include Long Beach California-based Odys Aviation. Conflux is partnering with Odys to develop heat exchangers needed for its development of next generation hybrid-electric vertical take-off and landing aircraft for regional air services.
Image: A Conflux Technology heat exchanger.