The cooling systems company APR Technologies, which will be listed on Spotlight on 13 January, is facing the next step in the commercialization of its advanced chip cooling technology. The company has recently raised approximately SEK 115 million in new share issues, with the possibility of additional capital via warrants later in the year.- The biggest challenge is to build a larger team and production that meets the requirements of global giants, says CEO Lars Almhem to Finwire.The capital will mainly be used to build up production in Enköping and Uppsala during 2026, while the company prepares the transition to commercial deliveries.- The plan is to meet the need for commercial deliveries with the capacity we are building up in 2026, to deliver volumes from 2027, says Lars Almhem.The company is working toward several customer segments, where electronics are prioritized in commercialization, while space and battery technology for the automotive industry are also being pursued.From space technology to commercial use on EarthAPR Technologies develops and sells cooling systems for electronics, based on technology originally developed for space applications but now primarily aimed at cooling advanced data chips.The solution makes it possible to increase power in chips without the risk of overheating and has attracted interest from global technology companies, the defense industry, and players in power electronics and batteries. The company has collaborations with, among others, Nasa and Airbus and has participated in Nato's innovation program Diana.The company operates in so-called submersion cooling, immersion cooling, where the electronics are cooled in a dielectric fluid that conducts heat but not electric current. The 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.Patents - and hard-to-copy technologyAPR Technologies' solution differs from competitors in that the cooling acts directly on the hot surface via an extremely small and thin pump placed on the chip.- Two advantages primarily are a pump that consumes little energy and microchannels that provide precision in cooling where the need is greatest, explains Lars Almhem.The pump has no moving parts and is based on a microchannel network, which according to the company provides high operational reliability and makes the technology hard to copy.- There is good patent protection, but also difficulties in copying what is vital. Therefore, we are investing in in-house manufacturing to have control over capacity and knowledge building.The market for immersion cooling is still at an early stage but is growing rapidly. According to the company, the segment is increasing by around 25 percent per year.Technology tested by tech giantA global tech giant is currently testing the company's solution in a redesigned system over a period of 6–9 months. The revenue potential from the customer is estimated at EUR 15–50 million per year, and the lead time for larger volumes is stated as 6–9 months.- We are investing in the most important process steps first, starting already now.The financing you have pulled together now (including the warrants); how long will it last? Do you see the need for additional capital after the listing/further ahead?- The cash will last more than 12 months and, if the warrants are exercised in June, for an additional period. However, this depends on how much capacity we must build for demand.New major shareholdersMovieno Fastigheter and Fastighetsaktiebolaget Bremia have come in as major shareholders and now hold just over 30 percent of the shares.How active a role will the new major shareholders have, strategically and operationally?- They will play a major role, as Johan Claeson is also a board member. The entire board is a great support that understands both the operations and the market.What do you see as the biggest risk for the company in the coming years?- The biggest challenge is to build a larger team and production that meets the requirements of global giants, concludes Lars Almhem.