1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups in developing and scaling groundbreaking innovations. This program specifically targets high-risk, high-reward projects in the DeepTech sector, which includes advanced technologies with significant societal impact. The EIC Accelerator provides a combination of grant funding and equity investment, allowing innovative companies to access the necessary resources to bring their ideas to market.

Funding Structure

The EIC Accelerator offers two primary types of funding: grants and equity investments. The grant component can provide up to €2.5 million, typically aimed at supporting the development and prototyping of innovative technologies or products. This grant is intended to cover expenses related to research and development, validation, and demonstration of the technology.

In addition to the grant, the equity investment can reach up to €15 million until 2024 and €10 million from 2025 onwards. This equity funding is designed to help companies scale their operations and leverage additional investments from private sectors. By taking an equity stake, the EIC Accelerator not only provides financial support but also aligns its interests with the success of the funded company.

Purpose and Impact of the EIC Accelerator

The EIC Accelerator plays a crucial role in the European startup ecosystem by empowering companies to scale innovative solutions that address pressing global challenges. It aims to bridge the funding gap that often exists for early-stage companies, particularly those in the DeepTech space. Through its support, the program facilitates access to private capital, accelerates market entry, and enhances the overall competitiveness of European innovators on a global scale.

Role in Scaling Companies

The EIC Accelerator not only provides financial backing but also offers access to a network of mentors, industry experts, and potential partners. This multi-faceted support helps companies refine their business models, enhance their market strategies, and build relationships with investors and other stakeholders. The program's focus on sustainability and innovation aligns with European Union goals for green technology and economic growth, further reinforcing its importance in the broader context of European industry.

EIC Accelerator Winner: Magneto B.V.

Project Overview

Magneto B.V., based in the Netherlands, has emerged as a winner of the EIC Accelerator program with its project focused on magnetocaloric heating and cooling solutions. This innovative approach aims to disrupt the traditional cooling and heating industry by introducing a revolutionary green, energy-efficient, and cost-competitive magnetocaloric technology platform. The company submitted its Step 2 proposal in March 2023 and successfully progressed to the Step 3 interview, securing funding to further develop its groundbreaking technology.

Technology Basics and Background

Magnetocaloric technology leverages the magnetocaloric effect, a phenomenon where certain materials exhibit a change in temperature when exposed to a magnetic field. This effect can be harnessed for heating and cooling applications, providing a more energy-efficient alternative to conventional refrigeration and heating methods. Traditional systems often rely on refrigerants, which can be harmful to the environment and contribute to greenhouse gas emissions.

The magnetocaloric effect is found in specially designed magnetic materials, which can be manipulated to absorb and release heat as they are magnetized and demagnetized. This process allows for efficient heat transfer, making it possible to create compact and environmentally friendly heating and cooling systems. Magneto B.V. aims to develop a technology platform that integrates this effect into practical applications, providing a sustainable solution for both residential and industrial heating and cooling needs.

Project Objectives

The primary objectives of Magneto B.V.'s project include developing a prototype of their magnetocaloric system, optimizing the materials used for maximum efficiency, and conducting extensive testing to validate the technology's performance. The funding received through the EIC Accelerator is critical for advancing these objectives, enabling the company to bring its innovative solutions to market in a timely manner.

The project has the potential to significantly reduce energy consumption in heating and cooling applications, aligning with global sustainability goals. By focusing on green technology, Magneto B.V. not only addresses environmental concerns but also positions itself as a leader in the emerging market of sustainable heating and cooling solutions.

In summary, the EIC Accelerator program serves as a vital catalyst for innovation and growth in the European DeepTech ecosystem. Magneto B.V.'s successful project exemplifies how this funding can empower companies to develop transformative technologies that have the potential to reshape industries and contribute to a more sustainable future.

2 The Funding Rounds

Magneto B.V. (Netherlands): Funding and Financing Events Since EIC Accelerator Submission

Financing Raised

Magneto B.V., a Netherlands-based startup focused on sustainable cooling technologies, has raised at least €1 million in funding as of July 2022. This round was intended to accelerate the development of their proprietary magnetocaloric materials aimed at revolutionizing heat pumps and cooling systems.

Funding Rounds: Timing, Amount, and Investors

• July 2022 – Seed/Pre-Series A Round
• Amount: €1 million (~$1.05 million)
• Investors:
• UNIIQ (Delft Enterprises)
• SHIFT Invest
• Graduate Entrepreneur Fund
• Rabobank
• Purpose: The capital was allocated to build a portfolio of magnetocalorific materials, develop the first functional cooling systems, expand the team from four to approximately seven full-time employees, and establish operations within YES!Delft tech incubator.
• European Commission/EIC Funding
• In addition to private investment rounds, Magneto received significant non-dilutive funding:
• €2 million from the European Commission (likely through an innovation grant or subsidy) in January 2015.
• €269k from the European Innovation Council in August 2015.

These earlier grants were precursors to their more recent EIC Accelerator win but set a precedent for substantial EU support for their R&D activities.

There is no public record available indicating further institutional funding rounds or new investors since March 2023—the EIC Accelerator cut-off date referenced.

Company Valuations

No explicit company valuation figures have been published as part of any disclosed financing events or public filings. As is typical with early-stage deep-tech startups in Europe—especially those relying partly on grant financing—detailed valuations are often withheld until larger Series A/B rounds or exit events.

Exit Events: IPOs or Acquisitions

As of May 2025:

• There is no evidence that Magneto B.V. has undergone an IPO.
• No information suggests any acquisition or buyout event involving Magneto B.V..

The company remains privately held; it continues its growth trajectory independently within the Dutch cleantech ecosystem.

Summary Table

Date	Type	Amount	Key Investors / Funders	Notable Details
July 2022	Seed/VC	€1M	UNIIQ (Delft Enterprises), SHIFT Invest, Graduate Entrepreneur Fund, Rabobank	For product/dev & team expansion
Jan/Aug 2015	Grants	~€2.27M	European Commission & EIC	Early-stage innovation/R&D grants
No further equity rounds disclosed since March 2023.

Investor Information

The main investment partners identified include: - UNIIQ (early-stage proof-of-concept fund linked with Delft University)

• SHIFT Invest (Dutch impact VC focused on climate/sustainability)
• Graduate Entrepreneur Fund (backing university-affiliated startups)
• Rabobank (major Dutch cooperative bank active in startup lending/investing)

EU institutions have also played a pivotal role via competitive innovation grants.

Additional Notes

While financial risk scores indicate “very low” to “low” risk profiles for related entities under similar names operating in the Netherlands, there are no public indicators that financial distress has impacted operations post-EIC award submission/cut-off date.

No relevant company valuation benchmarks nor additional fundraising activity beyond July 2022 could be verified using currently available sources as of May 2025.

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Sources

• Dutch-based Magneto raises €1M to develop world's first sustainable cooling system
• Magneto company information, funding & investors
• Magneto company profile on Dealroom.co
• Magneto B.V. full company profile on Creditsafe

3 The Press Releases

Magneto B.V. Overview

Magneto B.V., a Dutch company, was awarded funding under the European Innovation Council (EIC) Accelerator program in March 2023. The company specializes in magnetocaloric heating and cooling technologies, which offer innovative solutions for cooling and heating systems manufacturers.

Technology Advancements

Magneto's technology is notable for its cost-effectiveness and wide range of applications, spanning from cryogenic cooling to high-temperature heating. This technology enables manufacturers to develop magnetocaloric heat pumps, which are expected to reduce regulatory compliance burdens while saving electricity and money over their lifespan. With EIC support, Magneto plans to expand its temperature range and conduct initial pilots in the commercial cooling sector by 2025, aiming to validate its product and business model before entering the market in 2026.

Partnerships

While specific recent partnerships are not detailed in the available information, Magneto has been involved in collaborations focused on contributing to the energy transition. For instance, there are mentions of Magneto collaborating with ISPT (Institute for Sustainable Process Technology) in the context of green hydrogen, highlighting the company's role in the broader energy transition efforts.

Press Releases and Updates

There are no specific press releases or blog posts available directly from Magneto Systems' website or social media accounts regarding the EIC Accelerator funding. However, external reports and articles highlight their achievement, including the support they received from Catalyze in preparing their successful EIC Accelerator submission.

Team Updates

There is no specific information available on recent team updates or changes following the EIC Accelerator funding.

Patents

No specific information is available on recent patents filed by Magneto B.V.

Conclusion

Magneto B.V.'s success in securing EIC Accelerator funding underscores its potential to disrupt the cooling and heating sector with innovative magnetocaloric technologies. As the company progresses with pilot projects and market entry, it is poised to make significant contributions to energy efficiency and sustainability.

Sources: - EIC Accelerator winners and statistics March 2023

• EIC Accelerator: Four projects awarded in March 2023 round
• Applying new technologies to contribute to the energy transition

4 The Technology Advancements

Magneto B.V. from the Netherlands

Magneto B.V., based in Delft, Netherlands, is a company focused on developing efficient heating and cooling solutions using magnetocaloric technology. This innovative approach aims to reduce energy consumption and eliminate greenhouse gas emissions associated with traditional cooling systems.

Current Capabilities

Magneto's technology utilizes magnetocaloric materials to create efficient heat pumps. These materials can operate over a wide temperature range, from -80°C to 200°C, and do not contain rare-earth elements, making them non-toxic and environmentally friendly. The company employs 3D printing to shape the materials into efficient heat exchangers, which are essential for their active magnetic regenerators (AMR) systems.

Advancements Since EIC Accelerator Funding

In March 2023, Magneto received significant funding from the EIC Accelerator program, including grants worth €500,000 from Eurostars and €2.5 million from the EIC Accelerator itself. This funding has enabled Magneto to advance its technology and prepare for market entry.

One of the key advancements has been the industrialization of their production methods. Magneto is working on running their first pilots in the commercial cooling sector, collaborating with major Dutch companies to integrate their technology into real-world applications.

Technology Improvements and New Features

Magneto's technology has seen significant improvements in terms of efficiency and cost-effectiveness. Their heat pumps use 30-50% less energy than conventional systems and do not rely on harmful refrigerant gases, aligning with European environmental strategies. The use of waste products from steel manufacturing reduces raw material costs to less than 1% of competitors', making their technology more viable for mass production.

Demonstration and Pilot Projects

Magneto is planning to demonstrate their technology through pilot projects, including a supermarket cooling system. This pilot, scheduled for 2024-2025, aims to showcase the efficiency and compliance benefits of their magnetocaloric heat pumps in a commercial setting.

Patents, Studies, and Publications

While specific details on new patents or scientific studies published after the EIC Accelerator funding are not available, Magneto's technology is built on a decade of research collaboration with TU Delft and BASF. Their patented materials and manufacturing processes are key to their advancements.

Conclusion

Magneto B.V. has made significant strides in developing sustainable heating and cooling solutions since receiving the EIC Accelerator funding. Their focus on industrialization and pilot projects demonstrates a strong commitment to bringing this technology to market.

Sources

• Magneto Systems: creating efficient heating and cooling solutions
• New heat pump material to combat global warming - TU Delft
• Technology - Magneto systems

5 The Partnerships and Customers

Magneto B.V. Partnerships and Market Positioning Post-EIC Accelerator Funding Since securing €2.5 million in EIC Accelerator funding in 2023, Magneto B.V., a TU Delft spin-off specializing in magnetocaloric cooling and heating technology, has accelerated partnerships and pilot projects to commercialize its platform. Below is an overview of their collaborations and strategic positioning:

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Key Partnerships and Customers

• Collaborative Pilots with Dutch Supermarkets: Working with the largest Dutch cooling system installation company (unnamed) to demonstrate magnetocaloric heat pumps in supermarkets by 2024–2025. This partnership addresses rising operational costs and regulatory pressures tied to conventional refrigerants.
• Electric Vehicle Cooling Systems: Engaging with online retailers and food transporters for cold-chain logistics, aiming to integrate energy-efficient cooling systems into electric delivery vehicles.
• Industrial Partners: Targeting manufacturers like Siemens, Bosch, Samsung, and LG as ideal customers for their proprietary heat pump components.

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Technology Advancements Through Collaborations

• Material Science Expertise: Leveraging a decade of research from TU Delft’s FAME group (Prof. Ekkes Brück) and BASF partnerships to refine magnetocaloric materials.
• Production Scaling: Using EIC funds to industrialize manufacturing processes for magnetocaloric heat exchangers.

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Market Positioning via Strategic Relationships

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Sources Used:

• Magneto Systems: creating efficient heating/cooling solutions [EIC Accelerator details] [Customer pilots] [Market strategy]
• TU Delft story on Magneto’s supermarket pilots [EV cooling applications] [Energy efficiency claims]
• Presentation on Magneto B.V.’s team/technology [BASF/TU Delft collaboration history]
• Silicon Canals funding announcement [Growth plans post-funding]

6 The Hiring and Company Growth

Magneto B.V. Team Growth and Hiring Strategy Post-EIC Accelerator Funding Based on available information, Magneto B.V., a TU Delft spin-off specializing in magnetocaloric materials and heat exchangers, has not publicly disclosed specific hiring metrics, headcount figures, or recent recruitment activities. However, insights into their team structure and growth trajectory can be derived from their operational scope and partnership strategies:

• Team Composition: The core team includes Alexander Gunkel (Business), Bowei Huang (Engineering), Dr. Michael Maschek (Material Science), Bennie Reesink (Technology), Ted van Burk (Technician), and Ben Harrison (Technician).
• R&D Focus: Their work involves material science advancements, heat exchanger design, and collaboration with BASF for machinery support, suggesting ongoing recruitment in specialized engineering roles during scale-up phases.
• Growth Projections: The company aims to transition from kg-scale production to industrial-scale manufacturing by 2025–2026, which likely necessitates expanded technical teams for material synthesis, quality testing, and system integration roles.
• Strategic Partnerships: Collaboration with BASF and TU Delft’s FAME research group indicates potential hiring for R&D coordination or project management positions to accelerate commercialization efforts post-funding.

No major management changes or recently filled key positions are explicitly documented in the sources reviewed.

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Sources

Green heat pumps presentation - TU Delft

7 The Media Features and Publications

Media Features and Public Engagement of Magneto B.V. Post-EIC Accelerator Funding Magneto B.V., a Delft-based startup specializing in magnetocaloric heat pumps and cooling systems, has positioned itself as a pioneer in sustainable climate control technology since winning EIC Accelerator funding in March 2023. While specific media features or publications directly referencing their EIC award remain undocumented in available sources, the company’s public-facing activities emphasize its commitment to decarbonizing heating and cooling solutions through innovative magnetic technology.

Event Participation and Industry Presence
Magneto B.V. aligns its visibility with sustainability-driven technological advancements, though no explicit mentions of conference presentations or fair participations post-2023 are evident from current records. The company’s focus on additive manufacturing and 3D-printed magnetocaloric materials positions it within cleantech forums, likely engaging in niche industry events related to energy efficiency.

Public Outreach and Content Strategy
The company’s website (magneto.systems) is not indexed in the provided data, limiting insights into self-published content or interviews. However, their profile on the Delft Career Platform highlights a mission to reduce greenhouse gas emissions by replacing traditional systems with gas-free alternatives, suggesting alignment with broader media narratives around sustainable tech innovation.

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Sources

• Magneto B.V. - Delft Career Platform
• Creditsafe Magneto B.V. Profile (Note: Does not include post-2023 event data)

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No podcasts, interviews, or specific post-funding media features were identified for Magneto B.V., indicating potential gaps in publicly documented outreach efforts.