Cooling systems company APR Technologies, which will be listed on Spotlight on January 13, is entering the next phase in commercializing its advanced chip cooling technology. The company has recently raised approximately SEK 115 million in new share issues, with the possibility of additional capital through warrants later this year.

"The biggest challenge is building a larger team and a production line that meets the demands of global giants," CEO Lars Almhem told Finwire.

The capital will primarily be used to establish production facilities in Enköping and Uppsala during 2026, as the company prepares for the transition to commercial deliveries.

"The plan is to meet the need for commercial deliveries with the capacity we are building up in 2026, in order to deliver volumes starting from 2027," says Lars Almhem.

The company targets several customer segments, prioritizing electronics in its commercialization efforts, while also engaging with the space and automotive battery technology industries.


From Space Technology to Commercial Use on Earth

APR Technologies develops and sells cooling systems for electronics, based on technology originally designed for space applications but now primarily aimed at cooling advanced data chips.

The solution enables increased chip power without the risk of overheating and has attracted interest from global tech companies, the defense industry, as well as players in power electronics and batteries.

The company collaborates with organizations such as NASA and Airbus, and has participated in NATO's innovation program Diana.

The company operates within the field of so-called immersion cooling, where electronics are cooled in a dielectric liquid that conducts heat but not electricity.

This technology is seen as the next step in the evolution from air to liquid cooling in data centers, as air cooling is no longer sufficient for modern processors with high power density.


Patented and Hard-to-Copy Technology

APR Technologies' solution differs from competitors in that the cooling occurs directly on the hot surface via an extremely small and thin pump placed on the chip.

"The two main advantages are a pump that uses little energy and microchannels that provide precision cooling where it is most needed," explains Lars Almhem.

The pump has no moving parts and is based on a microchannel network, which according to the company ensures high operational reliability and makes the technology difficult to copy.

"There is strong patent protection, but also difficulties in copying the vital aspects. That is why we are investing in our own manufacturing to maintain control over capacity and knowledge development."

The market for immersion cooling is still in its early stages but is growing rapidly. According to the company, the segment is increasing by about 25 percent per year.


Technology Tested by Tech Giant

A global technology giant is currently testing the company's solution in a redesigned system over a period of 6-9 months. The revenue potential from this customer is estimated at 15-50 million euros per year, and the lead time for larger volumes is stated to be 6-9 months.

"We are investing first in the most important process steps, starting now."

The financing you have secured now (including the options); how long will it last? Do you foresee the need for additional capital after the listing/later on?

"The cash will last more than 12 months, and if the options are exercised in June, for even longer. However, this depends on how much capacity we need to build to meet demand."


New Major Shareholders

Movieno Fastigheter and Fastighetsaktiebolaget Bremia have become major shareholders and now hold just over 30 percent of the shares.

How active a role will the new major shareholders play, strategically and operationally?

"They will play a significant role, as Johan Claeson is also a board member. The entire board is a great support, understanding both the business and the market."

What do you see as the biggest risk for the company in the coming years?

"The biggest challenge is building a larger team and a production line that meets the demands of global giants," concludes Lars Almhem.