The Asia-based smart energy innovation award TERA-Award, organised by Full Vision Capital, has revealed the results of its 4th edition. Barocal, a United Kingdom company, won the Gold Award with a prize of US$1 million. The startup was recognised for its breakthrough solid-state cooling system using barocaloric materials, the solid organic “plastic crystal” materials that undergo temperature changes when pressure is applied. The technology can significantly reduce energy consumption when it is applied to residential and commercial buildings, data centres, food industry and healthcare systems.

For the first time, the TERA-Award has been held outside Hong Kong. Over 100 industry leaders, entrepreneurs, scientists, investors, scholars and supporting partners participated in the award presentation ceremony at King’s College, University of Cambridge, United Kingdom, on 18th July 2025 (GMT+1) to celebrate the new laureates of the award. Dr Peter Lee, Principal of Full Vision Capital and Founder of the TERA-Award, together with Dr Martin Lee, Honorary Chairman of Full Vision Capital, promoted the TERA-Award globally in an overseas event together for the first time, jointly witnessing the announcement of the latest winners of this renowned energy award.

Besides, an innovation showcase session and forum were held on the same day, bridging startups and investors from around the world. It is a significant milestone on its international journey. Since its inception, the award has grown into a leading global platform for energy startups, researchers, and investors to collaborate and scale impactful solutions.

Following intense competition of 785 entries from 76 countries and regions, the Gold Award, carrying a prize of US$1 million, went to the UK company Barocal, which is based in Cambridge. Their technology eliminates harmful refrigerants and significantly improves energy efficiency, offering a sustainable solution for air conditioning and refrigeration. Based on over a decade of research at the University of Cambridge, Barocal’s innovation uses organic plastic crystals to deliver cooling through pressure changes – with zero emissions, no leakage, and up to 3 times greater energy efficiency than traditional systems.

The Silver Award went to Feon Energy, a Massachusetts-based start-up spun out of Stanford University. The team has developed an AI-driven platform to design custom electrolyte molecules for next-generation batteries, improving safety, energy density, and fast-charging capabilities across electric vehicles, aviation, and electronics.

The Bronze Award was presented to Syzygy Plasmonics from Houston, which has developed a novel photochemical reactor that uses light instead of heat to drive industrial chemical reactions. This light-powered system reduces emissions and energy use, with applications including clean hydrogen and sustainable aviation fuel.

This year’s winners come from across the globe – including Australia, China, the United Kingdom, the United States, Singapore and Spain – reflecting the growing international appeal and global impact of the TERA-Award.

Dr Peter Lee, Founder of the TERA-Award, said that this year marks the first time the TERA-Award ceremony has taken place overseas — a key step in expanding our global footprint. “We’re building a close-knit and growing network for innovators, investors, and partners. Through targeted support and incubation, we’ve already seen many success stories from past winners, and we look forward to helping more startups scale and thrive in the years ahead.” He added, “The world is full of brilliant minds and brilliant ideas. But entrepreneurship is a road filled with obstacles — particularly in the energy sector. The TERA-Award is more than just a competition. It is a bridge between innovative ideas and the global marketplace, where they can make a transformational difference to people’s lives and the future of our planet.”

The TERA-Award is supported by key partners including the Hong Kong Investment Corporation Limited , Invest Hong Kong, the UK’s Department for Business and Trade and Kerogen CelerateX. Their involvement reflects the growing commitment from institutional investors and public agencies to accelerate deep-tech energy innovation and commercialise zero-carbon solutions.

Ms Clara Chan, CEO of the Hong Kong Investment Corporation Limited (“HKIC”) said, “The TERA-Award has evolved over the years from a competition regarding smart energy and green transition innovation to a powerful and dynamic platform where East meets West, innovation meets commercialisation, and dreams meet investment. It aligns well with the HKIC’s ongoing efforts to leverage Hong Kong’s role as a ‘super connector’ and ‘super value-adder’ for global innovation and technology development and facilitates Hong Kong’s contribution of wisdom to this meaningful journey for global benefits.”

Mr Arnold Lau, Associate Director-General of Investment Promotion at InvestHK, added, “Hong Kong as a ‘super-connector’ and a ‘super value-adder’ is an important bridge connecting the Mainland China and the rest of the world. Companies can leverage our free and open business environment, world-class research institutions, and robust financial ecosystem to expand in the region. The TERA-Award event underscores our commitment to deepening co-operation with the UK and other international partners. By fostering collaboration, we aim to accelerate the transition to a sustainable future and solidify Hong Kong’s role as a global leader in green technology innovation.”

The fourth TERA-Award competition continues the mission of “Exploring Zero-Carbon Innovations for the Future”, offering a global platform for discovering and accelerating smart energy solutions.

The Fourth TERA-Award Smart Energy Innovation Competition Winners

About the TERA-Award
The TERA-Award Smart Energy Innovation Competition aims to empower the development of a green economy, with an objective of identifying innovative technologies and solutions for a future with smart energy.
Through the competition, the organisers will offer application scenarios, funding opportunities and resources to the entries with potential, helping them bring their innovative ideas to fruition and achieve commercial success.