UK startup wins US$1 million Gold Award
HONG KONG, July 20, 2025 — The fourth TERA-Award, an Asia-based smart energy innovation prize organized by Full Vision Capital, has announced its winners. British company Barocal secured the Gold Award, receiving US$1 million for its pioneering solid-state cooling system, which utilizes barocaloric materials that change temperature under pressure.
This year marked the first time the TERA-Award ceremony was hosted outside of Hong Kong. More than 100 industry leaders, entrepreneurs, scientists, investors, academics, and partners gathered at King’s College, University of Cambridge, on July 18th. Dr. Peter Lee, Principal of Full Vision Capital and Founder of the TERA-Award, along with Dr. Martin Lee, Honorary Chairman of Full Vision Capital, embarked on their initial international trip to jointly champion the TERA-Award.
From 785 submissions spanning 76 countries and regions, UK-based Barocal claimed the Gold Award. Their technology offers a sustainable solution for air conditioning and refrigeration by eliminating harmful refrigerants and enhancing energy efficiency. Developed from over ten years of research at the University of Cambridge, Barocal’s innovation achieves up to three times the energy efficiency of conventional systems.
This year’s award recipients hail from Australia, China, the UK, the USA, Singapore, and Spain, underscoring the TERA-Award’s increasing global appeal and influence.
Dr. Peter Lee stated that holding the TERA-Award internationally is crucial for extending its worldwide reach. “We are cultivating a robust and expanding network for innovators, investors, and partners,” he explained. “With focused support and incubation, we have observed numerous achievements from previous winners, and we aim to assist more startups in flourishing.” He further commented, “Entrepreneurship, especially in the energy sector, is fraught with challenges. The TERA-Award serves as a conduit connecting innovative ideas with markets, enabling them to bring about transformative changes for people and the environment.”
An innovation showcase and a forum took place concurrently. The forum delved into global clean energy trends and the significance of collaboration in the ongoing energy transition. TERA-Award alumni and emerging companies also demonstrated their advancements and engaged in discussions with investors and innovators at the showcase event.
The fourth TERA-Award received support from the Hong Kong Investment Corporation, InvestHK, the UK’s Department for Business and Trade, and Kerogen CelerateX. This backing highlights an increasing dedication to accelerating deep-tech energy innovation and bringing zero-carbon solutions to market.
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Email: maytam@tera-award.com
