Boarding Pass
Israeli startup Thermagix claims “the only economical solution for harvesting low-grade heat”
With two Technion scientists on the founding team alongside a retired Navy Admiral, the startup is building a patented platform to capture low-grade heat across a $1 billion market.
“Globally, there is over 3,100 TWh of waste heat generated annually,” says Gil Aginsky, co-founder and CEO of clean energy company Thermagix. “We offer the only economical solution for harvesting low-grade heat to produce electricity and/or cooling.”
Established in 2024 alongside co-founders Prof. Emeritus Yehuda Agnon and Prof. Guy Ramon, both from the Technion, Thermagix is pioneering the development of a patented phase change thermoacoustic technology. “By harvesting the heat, we produce electricity and/or cooling… with outstanding heat dissipation capabilities for data centers,” Aginsky continues.
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Gil Aginsky, Prof. Emeritus Yehuda Agnon & Prof. Guy Ramon Thermagix
(Photo: Yaeli Gabriely)
With $3.5 million in total investment to date, their focus for 2026 is to launch their minimum viable product for a $1 billion market, targeting sectors where waste heat is prevalent “such as industrial plants, data centers, shipping, and the automotive industry.”
You can learn more about the company below.
Company Name: Thermagix Ltd
Sector: Clean Energy Tech
Product/Service description:
We are pioneering the development of Phase Change Thermoacoustic technology (patented). Our breakthroughs offer industries more cost-effective and eco-friendly solutions for a cleaner, cooler, and more sustainable future. By harvesting the heat, we produce electricity and/or cooling and with outstanding heat dissipation capabilities for data centers.
Founder Bios:
Gil Aginsky (Co-founder and CEO) – Aginsky has 30 years of experience leading mega-projects, R&D, and ops. He led naval and industrial energy infrastructure development and generated value for cleantech technologies. He’s a retired Rear Admiral (RADM), with an MBA and BSc (Industrial & Management Engineering).
Prof. Emeritus Yehuda Agnon (Co-founder and CSO) – Yehuda Agnon has a PhD in Hydrodynamics (MIT). He is the co-inventor of Phase Change Thermoacoustic. His key research areas include renewable energy, thermoacoustic engines, and wave dynamics.
Prof. Guy Ramon (Co-founder and CTO) – Ramon has a PhD in Environmental Engineering (Technion), and is the co-inventor of Phase Change Thermoacoustic, along with Yehuda Agnon. His key research areas include clean and renewable energy, Acoustic energy conversion, fluid mechanics, and heat and mass transfer.
Year of Founding: 2024
Last Investment Round: $100K
Last Investment Stage: Pre-Seed
Date of Last Investment: 07/01/2025
Total investment to date: $3.5M
Investors: NGV, IIA, HiCentre Ventures, MOE
Current number of employees: 9
Open positions: N/A
Website: https://www.thermagix.com/
Social Media: LinkedIn
How was the idea born?
The idea originated with my co-founders, Prof. Emeritus Yehuda Agnon and Prof. Guy Ramon, both from the Technion.
What is the need for the product?
Globally, there is over 3,100 TWh of waste heat generated annually. Approximately 63% of this heat is below 100°C, which currently makes it uneconomical to harvest and utilize. Our phase-change thermoacoustic technology is ideally suited for harvesting low-grade waste heat to produce electricity and cooling. Additionally, our heat dissipation capabilities are a perfect fit for managing the massive heat emissions expected in next-generation data centers, particularly High-Performance Computing (HPC) systems.
How is it changing the market?
We offer the only economical solution for harvesting low-grade heat to produce electricity and/or cooling. Furthermore, it is the most effective solution for dissipating large amounts of heat per square centimeter.
How big is the market for the product and who are its main customers?
The market is valued at $1 billion. Our primary customers include industries and sectors where waste heat is prevalent, such as industrial plants, data centers, shipping, and the automotive industry.
Does the product exist already? If not - at what stage is it and when is it expected to hit the market?
We have successfully developed a proof of concept in our lab and are currently focused on scaling and optimization. Our next major milestone is the installation of the first MVP, which is expected by mid-2026.
Who are the main competitors in this sector and how big are they?
Our main competitors are Organic Rankine Cycle (ORC) systems, which currently dominate the market, along with traditional thermoacoustic providers.
What is the added value that the founders bring to the company and the product?
The founders are experts in business development and possess unique, specialized knowledge in the field of thermoacoustics.
What will the money coming in from the round be used for?
The funding will enable us to deepen our R&D efforts and further scale and optimize our next-generation systems.
In the "Startup Boarding Pass" section, CTech will cover the (relatively) small investments made in companies during the early stages of their existence - and the entrepreneurs and startups who have not yet had the opportunity to reveal their stories to the world. Please use the linked form and fill it out according to the guidelines. This form is intended for startups raising between $500,000 and $3 million from venture capital funds, angels, or official grants from Israeli and foreign institutions. If relevant, someone at CTech will be in touch for follow-up questions.
