UK startup wins US$1 million Gold Award

HONG KONG, July 20, 2025 (GLOBE NEWSWIRE) -- The Asia-based smart energy innovation award TERA-Award, organised by Full Vision Capital, has revealed the results of its fourth edition. Barocal, a British company, won the Gold Award with a prize of US$1 million for its breakthrough solid-state cooling system, using barocaloric materials that undergo temperature changes when pressure is applied.

For the first time, the TERA-Award was held outside Hong Kong. Over 100 industry leaders, entrepreneurs, scientists, investors, scholars and partners attended the ceremony at King's College, University of Cambridge, on 18th July. Dr Peter Lee, Principal of Full Vision Capital and Founder of the TERA-Award, and Dr Martin Lee, Honorary Chairman of Full Vision Capital, led their first overseas mission to promote the TERA-Award together.

Among 785 entries from 76 countries and regions, the Gold Award went to the UK company Barocal. Their technology eliminates harmful refrigerants and boosts energy efficiency, offering a sustainable air conditioning and refrigeration solution. Based on over a decade of research at the University of Cambridge, Barocal's innovation delivers up to three times the energy efficiency of traditional systems.

This year's winners come from Australia, China, the UK, the USA, Singapore and Spain, reflecting the growing international appeal and impact of the TERA-Award.

Dr Peter Lee said that hosting the TERA-Award overseas is a key step in expanding its global footprint. “We're building a close-knit and growing network for innovators, investors, and partners. Through targeted support and incubation, we've seen many successes from past winners, and we look forward to helping more startups thrive.” He added, “Entrepreneurship is a road filled with obstacles, particularly in the energy sector. The TERA-Award is a bridge between ideas and markets, where they can make transformational impacts on lives and the planet.”

An innovation showcase and forum were held on the same day. The forum explored global clean energy trends and the role of collaboration in the energy transition. TERA-Award Alumni and startups also presented progress and exchanged ideas with investors and innovators at the showcase.

The fourth TERA-Award is supported by the Hong Kong Investment Corporation, InvestHK, the UK's Department for Business and Trade and Kerogen CelerateX, reflecting a growing commitment to accelerate deep-tech energy innovation and commercialise zero-carbon solutions.

For details, please visit: https://www.tera-award.com/

Media Enquiries
May Tam
Tel: +852 9192 0062
Email: maytam@tera-award.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2a32ca88-bb34-4974-b7c0-eb6560c056c4