Magnetic refrigeration specialist Cooltech Applications, Strasbourg, France, has successfully raised approximately $6 million in capital for the final industrialization stage of its magnetocaloric thermal machine, which is planned for commercialization by the end of the year. The money comes from both Cooltech’s historic shareholders and two new investors: Demeter Partners, Paris, and 123Venture.

The technology, based on magnetic refrigeration, addresses a range of applications, including industrial refrigeration and air conditioning.