Business & Technology
Iceotope raises USD $26 million in Series B funding
SOFIAH NICHOLE SALIVIO
News Editor
Iceotope has raised USD $26 million in a Series B funding round led by Two Seas Capital and Barclays Climate Ventures.
Existing investors Edinv, ABC Impact, Northern Gritstone and British Business Bank also participated. The company plans to use the funds for product and engineering development, patent expansion, and work with partners to bring systems based on its liquid cooling technology to market.
The fundraising comes as data centre operators and other computing users face mounting heat-management challenges from AI hardware. Iceotope argues that newer GPU and accelerator platforms are pushing rack power densities towards 1MW and beyond, levels that conventional air cooling and direct-to-chip liquid cooling cannot adequately support.
Iceotope develops precision liquid cooling systems for AI infrastructure, high-performance computing, and deployments outside traditional data centres. It says the same thermal challenges are spreading as AI workloads move into broader enterprise and edge environments.
Forecasts cited by the company point to rapid growth in liquid-cooled AI systems. SemiAnalysis estimates the installed base of liquid-cooled AI accelerators will rise from about 3GW to 40GW within two years, driven by hyperscale and colocation demand for AI workloads.
That expected growth has made cooling a bigger investment theme in AI infrastructure. Iceotope says the global data centre cooling market is projected to reach USD $40 billion to USD $45 billion by 2030, with liquid cooling accounting for USD $15 billion to USD $20 billion.
The company recently surpassed 200 granted and pending patents, expanding its intellectual property portfolio as competition intensifies in cooling systems for dense computing environments. The latest financing is expected to support further work in that area.
Iceotope says its technology can reduce energy use by up to 40% and water use by up to 96% compared with traditional cooling methods, while enabling higher rack density. Those gains could appeal to operators facing high electricity costs, water constraints and pressure to cut emissions.
Chief Executive Officer and Chief Financial Officer Simon Jesenko described the round as a sign of investor support for the company’s timing and product focus.
“Securing such high-caliber investors validates both our technology and our market timing. We’ve spent years developing a robust, differentiated IP portfolio and products purpose-built for AI infrastructure, and we’re ready to scale at precisely the moment the industry demands more advanced, sustainable cooling technology. The opportunity ahead – both directly with customers and through our partner ecosystem – is significant,” Jesenko said.
Barclays Climate Ventures said the investment reflects the limits of existing cooling systems as AI adoption rises.
“With AI adoption rapidly increasing globally, Iceotope’s liquid-cooling technology offers a timely and innovative solution to the mounting limitations of traditional cooling systems. Its approach not only meets the escalating demands of AI and high-performance computing but also materially advances datacenter sustainability. Aligned with Barclays Climate Ventures’ mandate to invest in commercially scalable climate technologies, we believe Iceotope is strongly positioned in a growing market and capable of significantly improving energy efficiency in a critical sector,” said Steven Poulter, Head of Barclays Climate Ventures.
Business & Technology
Major changes coming to Oxford buses at the end of the month
Stagecoach has announced one new express route, and changes to three buses ahead of the summer.
Starting from May 31, residents can expect changes to service 10, 12, and 13 in the city, as well as a new express route.
The bus company has introduced service 9, a new clockwise express route.
The bus will be running every 30 minutes serving East Oxford.
Starting from Speedwell Street, it will provide connections to St Clement’s Street, Headington Road, the John Radcliffe Hospital, Headington, The Slade, Hollow Way and Cowley Road before terminating back at Speedwell Street.
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Meanwhile service 10 will become an anti‑clockwise express route, running every 30 minutes.
Starting from Speedwell Street, it will provide connections to Cowley Road, Hollow Way, the Slade, Headington, the John Radcliffe Hospital, Headington Road, and St Clement’s Street before terminating back at Speedwell Street.
Service 12 will run every 30 minutes from Speedwell Street to Horspath Road, via Cowley Road, Templars Square and Hollow Way.
Service 13 will run every 30 minutes from Speedwell Street to Barns Road, via St Clement’s Street, Headington Road, the John Radcliffe Hospital and Headington, Wood Farm, Hollow Way, and Templars Square, terminating at Kersington Crescent.
Some morning and evening services will also serve Blackbird Leys, for customers commuting to the John Radcliffe Hospital.
Business & Technology
Intuitive Machines to acquire Goonhilly in UK deal
Intuitive Machines is set to acquire Goonhilly, subject to UK regulatory approval, leaving the Cornwall-based company as a UK entity under US ownership.
The deal also includes Goonhilly USA, known as COMSAT, and would add 44 antennas to Intuitive Machines’ existing network. The combined business would continue to run Goonhilly’s operations from Cornwall while linking them with COMSAT’s teleport sites in Connecticut and California.
Goonhilly has built its business around lunar and deep space communications, a niche drawing growing attention as government agencies and private operators increase activity beyond Earth orbit. It says it has supported more than 20 missions since entering the commercial market for these services in 2021, including work for NASA, the European Space Agency, ispace and Intuitive Machines.
Its role in Intuitive Machines’ recent lunar missions appears to have helped underpin the transaction. In 2024 and 2025, Goonhilly supported the US group’s IM-1 and IM-2 missions, giving the two companies an established operational relationship before the takeover agreement.
The move gives Intuitive Machines a direct presence in the UK space sector and adds a ground station business with experience in communications for spacecraft operating beyond geostationary orbit. Alongside deep space links, Goonhilly and COMSAT also provide satellite ground station services and radio frequency-based space domain awareness work for security-focused customers.
Growing demand
The transaction comes as operators across the space sector seek more ground infrastructure to maintain contact with spacecraft over greater distances and for longer missions. Deep space communications networks remain a specialised part of the market, but they are becoming more important as lunar missions increase and more companies pursue sustained operations around and on the Moon.
For the UK, the deal keeps one of the country’s better-known space assets in Cornwall while placing it within a larger US group. The business would retain its UK status after the acquisition rather than moving operations overseas.
That point was central to the reaction from ministers. “Goonhilly Earth Station is a uniquely British success story, and this acquisition by Intuitive Machines, subject to regulatory approval, is a testament to the world-class capabilities it has built right here in Cornwall, where it will remain.
Combining Goonhilly’s expertise in lunar and deep space communications with Intuitive Machines’ global reach and resources has the potential to bring new investment, new jobs and new opportunities for the UK space sector,” said Liz Lloyd, UK space minister.
Management reaction
Goonhilly’s leadership described the transaction as the next stage in a long-standing partnership between the two businesses. “Having worked closely with Intuitive Machines for many years, we’re delighted to be taking this transformative step in our relationship,” said Kenn Herskind, executive chairman of Goonhilly. “Both our companies are playing an increasingly important commercial role in the future of space exploration and utilisation – we’re excited to shape that reality together.”
For Intuitive Machines, the purchase broadens the ground segment of its business as spacecraft operators seek more integrated support. “Customers rely on resilient connectivity and communication as they establish a Moon base and deep space environments,” said Steve Altemus, co-founder and chief executive of Intuitive Machines. “Goonhilly provided deep ground station and communications expertise and technological prowess during our IM-1 and IM-2 missions and also proven on missions for NASA, ESA, and many other leaders. Together with COMSAT’s secure teleport infrastructure, brings critical strength to the space-to-ground network our customers depend on to operate their spacecraft.”
Cornwall base
Goonhilly is focused on maintaining continuity for existing customers during the ownership change. That matters because ground station services are part of operational mission support, and interruptions can affect command, control and data handling for spacecraft operators.
The business traces its identity to the historic Goonhilly Earth Station site in Cornwall, long associated with satellite communications in the UK. In recent years, it has repositioned itself around newer space markets, including lunar communications and tracking services for missions beyond standard commercial satellite orbits.
The proposed takeover reflects a wider industry trend as operators seek to combine spacecraft, network and ground assets under common ownership. For Intuitive Machines, buying Goonhilly and COMSAT would extend that model with infrastructure in both the UK and the US, and deepen its reach into commercial, civil and security-related communications work.
Upon completion, Goonhilly will continue operating from Cornwall and will keep working closely with the COMSAT teleports in Connecticut and California.
Business & Technology
UK car manufacturer makes major change after £2m collapse
Bicester-based Hedley Studios Ltd, which makes miniaturised electric versions of classic cars, had administrators appointed in March with the majority of its 74 employees being made redundant.
It was later revealed the business, which was formed out of The Little Car Company in 2025, has had creditors worth £2,070,036.
The biggest of these included £618,464 owed to His Majesty’s Revenue and Customs, £191,535 to Bentley Motors and £56,111 to transportation firm Pro-Logistics.
READ MORE: UK car manufacturer’s £2m debts to Bentley and tax collector
Now, on May 13, the company has revealed it will be changing its name, with Companies House currently referring to it as HSL Realisations 2026 Limited.
The details of the name change are currently being processed and are set to be made available soon.
The administrator’s proposal, compiled by representatives of administrators Interpath, details how the company struggled in late December 2025, and so former owner of the business Ben Hedley purchased the shareholding from Island Capital LLC.
The investor group had led to the acquisition of previous company The Little Car Company.
Prince Michael of Kent visiting The Little Car Company at Bicester Heritage (Image: BicesterHeritage)
Following the management buyout late last year, Interpath was appointed to explore sale and restructuring options as a short-term liquidity requirement was identified.
This means the business needed cash to cover upcoming payments, often within 30 days although this has not been confirmed in this case.
A spokesperson for the company said: “Interpath launched the early options process by marketing the business to over 250 trade and financial parties.
“The early options process ultimately resulted in no offers on either a solvent or insolvent basis.”
After this the company appointed administrators on March 4.
Prince Michael of Kent visiting The Little Car Company at Bicester Heritage (Image: BicesterHeritage)
The business and certain of the assets were sold to a connected party, Hedley Labs Limited, with £100,000 having already been received and a further £150,000 due in May.
As for Hedley Studios and its remaining assets, a spokesperson for Interpath said: “Whilst we consider it prudent to retain all options available, it is anticipated that the most likely exit route from administration will be via dissolution or a creditors’ voluntary liquidation.”
READ MORE: Director of UK car manufacturer leaves as company collapses
They added: “Following an extensive sales process, no offers for a rescue of the whole company were received and therefore rescuing the company…was not achievable.
“Therefore, our primary objective is to achieve a better result for the company’s creditors as a whole than would be likely if the company were wound up.”
In its previous guise, as The Little Car Company, it hosted a royal visit with Prince Michael of Kent trying out some of the cars in 2024.
The company makes its cars in partnership with a range of luxury manufacturers, including Aston Martin, Bentley and Ferrari.
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