Early in our fund we identified Thermal Management as a technology and market segment to keep a close watch on. The increasing use of power electronics across many segments leads to an increasing need to control and to dissipate heat. Thermal Management solutions enable to increase the mean-time-between-failure (MTBF) of power electronics, or to increase the power in power electronics without affecting the MTBF.
I met Olivier de Laet in 2008 when he was still CEO of Euro Heat Pipes (EHP), a company that had developed heat pipes for use in space applications. Heat pipes are heat transfer devices that very efficiently manage the transfer of heat between its two sides: the evaporator and the condenser. Heat pipes use the principles of heat absorbtion and heat release that occur during the phase transition of its fluidum. This results in very high heat transfer rates, many times higher than using regular water or air cooling devices. Heat pipes are closed devices and therefore require zero maintenance, and are extremely reliable. This explains the success of heat pipes in space applications.
I was impressed by the heat pipe technology of EHP enabled by unique material technology. I supported Olivier de Laet's idea to set up a spinout company to use this technology in a broad range of non-space related market segments. This lead to the incorporation of Calyos in 2011, in which we invested together with a number of shareholders of EHP. Olivier de Laet became the new CEO of the spinout company.
I believe the mix of our access to unique technology, a proven management team and a growing thermal management sector are a strong foundation for Calyos to build on.