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EV Thermal Management Fluid Demand Exceeds 880 million Liters by 2035, IDTechEx Finds

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BOSTON, June 19, 2024 /PRNewswire/ — Electric vehicles (EVs), much like combustion vehicles, require a suite of fluids in order to operate optimally. However, the quantities and properties of these fluids can be quite different. With a strongly growing EV market, this presents a large opportunity for not just fluid suppliers but also fluid additives and fluid handling component suppliers. The new IDTechEx report, “Thermal Management for Electric Vehicles 2025-2035: Materials, Markets, and Technologies“, predicts that over 880 million Liters of coolant fluids will be required for electric cars in 2035, combining water-glycol, oils, refrigerants, and immersion fluids.

Where is each fluid used?

The drivetrain components (batteries, motors, and power electronics) should be kept in a certain operating temperature range for an EV to operate safely and efficiently. The cabin must also be kept at a comfortable temperature for the occupants.

Water ethylene glycol (WEG) typically forms the backbone of the thermal management system. In most cases, WEG is passed through coolant channels or cold plates in the battery to keep the cells cool or warm them up in cold conditions. It is sometimes used to pass through a jacket around the motor and is typically fed through a heat sink to cool the inverter. It is also used to connect the thermal systems of the drivetrain components with the cabin. The heat from these drivetrain components can often be transferred to the cabin’s thermal management system, reducing the need for separately heating the cabin air and improving efficiency. Due to its ubiquitous use, IDTechEx finds that WEG demand (in terms of volume) will be the largest of EV fluids, with a 6-fold growth in demand from 2023 to 2035.

Oils are commonly used to lubricate vehicle components like the gearbox and transmission. However, in an EV, oil can also be used to cool motor components. As these oils are dielectric, they can be used to make direct contact with parts inside the motor, like the rotor and/or stator windings, improving thermal management and potentially reducing the size of the motor by removing the need for a water jacket around the stator. Oil-cooling electric motors became the dominant motor thermal management strategy in 2022, with approximately 60% of new electric cars sold in 2023 using oil-cooled motors, according to IDTechEx’s research.

Refrigerant is essential to the operation of the air conditioning system for the occupant’s cabin. In some models, refrigerant is also used to cool the battery, which has challenges but can eliminate large portions of the WEG systems needed. This held a small market share in the early EV market, with the BMW i3 taking this approach, but it has seen a resurgence in recent years, with BYD adopting this technology for its e-Platform 3.0 vehicles.

Immersion cooling is an emerging thermal management strategy offering excellent thermal homogeneity, but so far, has remained for high-performance certain off-road vehicles. While IDTechEx predicts growth for this technology, it does not expect it to be the dominant approach in the future.

What is changing with each fluid?

The fluid categories already discussed are already a staple in combustion engine vehicles, but EVs present new demands.

It is common to see WEG products somewhat unchanged between combustion engine vehicles and EVs. However, there has started to be an interest in using low electrical conductivity (<100µS/cm) coolants with early adoption from players such as BYD and Hyundai. This adds an extra level of safety in the case of fluid leaks around electrical components like the battery.

To aid in system simplicity, a single oil that can be used to lubricate gears and cool the motor is required. This presents a challenge in chemical compatibility with copper found in the motor windings, a material that would not have been a focus in a combustion engine’s oil. The key trade-off to be made here is between thermal performance and mechanical properties. Generally, higher viscosities are better for lubrication but poorer for heat transfer. For this reason, fluid suppliers are trying to find a middle ground where viscosity is lower than would have been used in a traditional axle oil to aid in heat transfer but still high enough to keep the wear of the transmission to a minimum.

Refrigerants remain similar between combustion engine vehicles and EVs. The transition here is for the automotive industry as a whole. R134a was the standard, but in Europe, due to its high global warming potential (GWP), it was replaced with R1234yf in all vehicles from 2017 onwards, with other regions following suit. The next big shift is likely to come from the consideration of PFAS (per- and polyfluoroalkyl substances). Although there is no clear regulation or timeline enforcing R1234yf replacement, this hasn’t stopped the development of alternative refrigerants and their associated thermal management components. VW deployed R744-based heat pump systems in certain ID models, and other thermal system suppliers like Hanon Systems have presented both R744 and R290 heat pump systems for EVs.

IDTechEx has further discussion of EV refrigerants in their “Thermal Management for Electric Vehicles 2025-2035: Materials, Markets, and Technologies” report, as well as a deep dive into PFAS compounds and their replacements in their “Per- and Polyfluoroalkyl Substances (PFAS) 2024: Emerging Applications, Alternatives, Regulations” report.

Increasing demand per vehicle

While EV design trends like cell-to-pack and more integrated thermal management modules can decrease fluid intensity per vehicle, a few key trends, on average, are increasing the fluid volume required per vehicle. This includes increasing battery capacities, more vehicles with dual motor options, increasing adoption of oil-cooled motors, and further adoption of heat pump systems. Combining this with an increased EV demand, IDTechEx predicts that over 880 million Liters of coolant fluids will be required for electric cars in 2035.

The new IDTechEx report, “Thermal Management for Electric Vehicles 2025-2035: Materials, Markets, and Technologies”, looks at the thermal management of the battery, motors, power electronics, and cabin, with a deep dive into strategies, components, materials, market shares, and forecasts to 2035.

To find out more about this report, including downloadable sample pages, please visit www.IDTechEx.com/TMEV.

For the full portfolio of thermal management market research from IDTechEx, please visit www.IDTechEx.com/Research/Thermal.

Upcoming free-to-attend webinar

How EV Thermal Management Drives Fluid Demand

Dr James Edmondson, Research Director at IDTechEx and author of this article, will be presenting a free-to-attend webinar on the topic on Thursday 18 July 2024 – How EV Thermal Management Drives Fluid Demand.

This webinar will cover the following:

EV thermal system architecture and fluids usedBattery thermal management and trendsMotor thermal management and trendsFuture refrigerantsOutlook for fluid content and forecasts

Please click here to check timings and register for your specific time zone.

If you are unable to make the date, please register anyway to receive the links to the on-demand recording (available for a limited time) and webinar slides as soon as they are available.

About IDTechEx 

IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact research@IDTechEx.com or visit www.IDTechEx.com. 

Media Contact: 
Charlotte Martin 
Subscriptions Marketing Manager
press@IDTechEx.com 
+44(0)1223 812300 

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Ascendion Expands AI Advisory Community with Four Global Business and Technology Leaders

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Former Global CTO of Banco Santander, former Group CIO of Currys, former CEO of IBPAP, and former Microsoft CVP and CTO of AI join the advisory community

Advisors will provide guidance on AAVA platform innovation, AI strategy, C-suite alignment, and enterprise adoption across Asia-Pacific, Europe, North America, and the UK

The growing community of advisors will bring practitioner perspective closer to Ascendion as enterprises move AI from experimentation to governed, production-scale outcomes

BASKING RIDGE, N.J., Oct. 27, 2026 /PRNewswire/ — Ascendion, an AI-native software engineering company, today announced the appointment of four global business and technology leaders to its AI Advisory Community: Andy Gamble, Jack Madrid, Julieta Ross, Ph.D., and Joseph Sirosh, Ph.D. 

The advisors bring perspectives rarely found in one group: executives who answered to Boards, regulators, and C-suites for what technology actually delivered; a builder of AI and data platforms at global scale; and a leader who shaped one of the world’s largest technology-services and talent ecosystems. Their experience spans banking, high-tech, media, and retail. Each will work directly with Ascendion’s regional and engineering leaders, so their counsel reaches the decisions it is meant to shape. 

“We are changing how software gets built. Enterprise leaders have moved past experiments. They want AI that delivers outcomes boards can measure and risk they can manage. Andy, Jack, Julieta, and Joseph have the experience and know where transformation succeeds. They will challenge our thinking, raise our ambition, and help us navigate a period of intense — and exciting — change,” said Karthik Krishnamurthy, CEO, Ascendion. 

Each advisor will map to a different part of the business, strengthening Ascendion’s alignment with leadership communities across the globe. 

Julieta Ross, Ph.D., former Global CTO of Banco Santander, brings two decades of leading technology inside global banks, along with public-company board experience. She will work with Ascendion’s leadership on executive relationships, go-to-market strategy, and growth, and will help the company meet the governance, regulatory, and risk expectations that banking and financial services leaders place on AI. Andy Gamble, former Group CIO of Currys plc, has spent nearly three decades as a technology buyer and transformation leader across consumer electronics, industrial, and retail businesses. He will advise Ascendion’s work across Europe and the UK, with a focus on consumer goods, manufacturing, and retail, and will share what executive teams and Boards expect from a technology partner. Joseph Sirosh, Ph.D., former Microsoft CVP and CTO of AI, has spent his career building and scaling machine learning platforms in the high-tech industry. He will advise Ascendion’s engineering leadership on the evolution of AAVA and its broader platform strategy as AAVA becomes an orchestration and harness layer for enterprise AI. Jack Madrid, former President and CEO of IBPAP, spent five years leading the industry association behind one of the world’s largest technology and business-services ecosystems, centered in the Philippines. He brings robust experience working across industries, including banking, high-tech, and media, and will advise Ascendion on Asia-Pacific markets and on how AI is reshaping global delivery, skills, and workforce models. 

Together, the advisors give Ascendion an outside perspective on the full spectrum of enterprise AI, from agentic platform strategy and product engineering to industry alignment and delivery. They will add capacity to Ascendion’s ongoing work on AI governance, helping ensure trusted impact from AI-native software engineering, and their practice-based insight will inform how Ascendion applies its Engineering to the Power of AI™ approach to commercial models, platform design, service execution, and workforce development. 

About Ascendion

Ascendion is a global AI-native software engineering company delivering trusted business outcomes – capital unlock, innovation velocity, lower risk – to 250+ enterprise clients. The company delivers business outcomes at scale by combining expert engineers, AI agents, and AAVA, Ascendion’s agentic AI platform. Together, they design, engineer, and operate production-ready software that improves everyday work and life. Learn more at www.ascendion.com.

Engineering to the Power of AI™, Engineering to Elevate Life™, and AAVA™ are trademarks or service marks of Ascendion. AAVA™ is pending registration. Unauthorized use is strictly prohibited.

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AvePoint Set to Join S&P SmallCap 600

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NEW YORK, Oct. 27, 2026 /PRNewswire/ — AvePoint Inc. (NASD: AVPT) will replace LXP Industrial Trust (NYSE: LXP) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, November 2. Brookfield Asset Management Ltd. and Canada Pension Plan Investment Board are acquiring LXP Industrial Trust in a deal expected to close soon, pending final closing conditions.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date

Index Name

Action

Company Name

Ticker

GICS Sector

Nov 2, 2026

S&P SmallCap 600

Addition

AvePoint

AVPT

Information Technology

Nov 2, 2026

S&P SmallCap 600

Deletion

LXP Industrial Trust

LXP

Real Estate

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/. 

FOR MORE INFORMATION:

S&P Dow Jones Indices
index_services@spglobal.com

Media Inquiries
spdji.comms@spglobal.com

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SOURCE S&P Dow Jones Indices

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Archera Surpasses $5.6 Billion in Cloud and AI Spend Under Management, Closes Series C Led by Pivot Investment Partners, and Expands Insurance-Backed Cloud Commitments

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The round will help Archera expand its guaranteed cloud commitments, bringing insurance-backed financial protection to companies navigating unpredictable AI and cloud spending. The company has delivered more than $700 million in customer savings and now manages approximately $5.6 billion in annual cloud and AI spend.

BELLEVUE, Wash., Oct. 27, 2026 /PRNewswire/ — As artificial intelligence makes cloud spending harder to predict, companies face an increasingly expensive choice: commit to long-term cloud and AI contracts to unlock significant discounts or preserve flexibility and leave savings on the table. Archera has raised a $15 million Series C to expand its Guaranteed Commitments and change that equation.

The cloud economics company today announced it closed its Series C funding round, led by Pivot Investment Partners, with participation from existing investors including HighSage Ventures. The financing brings Archera’s total funding to $38.3 million. It will support the expansion of Archera’s Guaranteed Commitments and its suite of free cloud cost tools, including its FinOps Agent and MCP.

Insurance-backed financial protection is central to Archera’s next phase of growth. Archera purchased a policy on a surplus lines basis from Crum & Forster Specialty Insurance Company to back its guarantee. This model helps businesses pursue cloud commitment savings while managing the financial risk of usage changes.

The company has delivered more than $700 million in savings to over 2,200 organizations, including PubNub, Art.com, and Astronomer. The thesis behind Archera is simple: companies shouldn’t have to predict AI’s future to commit and save money on today’s infrastructure.

Why Cloud and AI Commitments Need to Change

Cloud providers reward customers who commit to spending over one- to three-year periods with substantial discounts and access to capacity. Historically, those commitments have helped businesses reduce infrastructure costs. But AI is changing the risk and economics of that decision.

A new model launch can multiply GPU spending in months. A more efficient model, a shift in architecture, or a move to a different service can reduce it just as quickly. Long-term commitments that once looked financially sound can become expensive liabilities.

Companies are left choosing between overcommitting and risking unused spend, or undercommitting and missing out on available discounts. Many choose the latter, sacrificing potential savings to preserve flexibility.

Archera believes that the trade-off is unnecessary. Its Guaranteed Commitments provide resource-level cloud and AI discounts with terms as short as 30 days. If usage declines and a covered commitment goes unused, Archera covers the cost under the terms of its guarantee.

The result is a different way to approach cloud purchasing. Businesses can pursue deeper discounts and unlock capacity otherwise gated behind a commitment, without bearing the entire financial consequence when actual usage diverges from forecasts.

Turning Cloud Optimization Into a Financial Product

Traditional cloud cost management tools provide visibility, recommendations, automation, and forecasting, but they can’t eliminate the financial risk of unused commitments. Archera combines its free FinOps platform and Agent with a financial guarantee that addresses inaccurate forecasts.

“Every tool in this market is trying to forecast your cloud usage a little better. We think that’s the wrong bet,” said Aran Khanna, co-founder and CEO of Archera. “Nobody can forecast AI demand, not the customer, not the cloud provider. So instead of predicting it, we guarantee it, and we have purchased an insurance policy to back that guarantee. If covered usage drops, we address the unused commitment cost under the terms of our guarantee. That’s a new way to purchase cloud, not another dashboard, and it’s why we’ve been able to return $700 million to our customers.”

The approach positions cloud commitments as a financial risk decision, helping finance and engineering leaders manage budgets while adapting to changing technology.

Built for CFOs, CTOs, and the Teams Managing AI Costs

The approach addresses a growing challenge across finance and engineering: how to control infrastructure costs without constraining the business.

For CFOs: Capture commitment-level discounts while reducing exposure to eligible unused spend under the guarantee.For CTOs and engineering leaders: Preserve flexibility to adopt new AI models, change architectures, and scale workloads without letting past commitments dictate future decisions.For FinOps teams: Increase commitment coverage with a financial backstop when usage changes, without more back-and-forth with engineering teams to get perfect forecasts.For cloud partners and resellers: Give customers a differentiated way to pursue cloud savings that can be reinvested in new cloud services while managing commitment risk.

Archera’s platform connects to AWS, Microsoft Azure, or Google Cloud billing data in read-only mode and analyzes actual usage. It then recommends and automates the purchasing of both native commitments and Archera Guaranteed Commitments.

Customers can evaluate their potential savings before making any purchasing decision. Commitments remain in the customer’s own cloud account, preserving end-to-end control over cloud purchasing strategy.

Archera earns when customers save through its guaranteed commitments, aligning its commercial model with the outcomes customers seek.

Customers Are Rethinking the Commitment Model

For organizations accustomed to treating cloud commitments as a single, high-stakes decision, Archera offers a more flexible approach.

“Working with Archera meant rethinking commitments as a spectrum rather than a single, high-stakes decision,” said James Hamilton, VP of Operations and Controller at PubNub. “This was a big mind shift for us. We needed to think about how our commitments could be broken up into a spectrum of purchases versus a single one-time buy.”

That flexibility is particularly valuable as companies adopt AI workloads, where technology choices and resource requirements can shift faster than traditional budgeting cycles.

Instead of making one large bet on future usage, businesses can take a more measured approach while still securing meaningful discounts.

A Series C to Expand Insurance-Backed Cloud Purchasing

Archera has been operating profitably at scale. It raised a Series C to support larger guarantees, expand its reach, serve more customers, and upgrade the insurance policies backing its guarantee to serve larger global clients.

The company plans to use the capital in three ways:

Accelerate go-to-market efforts.Expand its global partner network across North America, Europe, the Middle East, Japan, and Latin America.Serve more teams focused on AI-driven workloads.

“Archera has built a capital-efficient and differentiated business at the intersection of cloud infrastructure and risk management,” said Dinkar Jetley, co-founder and managing partner at Pivot Investment Partners. “The team pairs a deep understanding of the cloud ecosystem with a rigorous approach to underwriting, and the result is a compelling value proposition that a fast-growing roster of customers relies on as their cloud spend scales. We are privileged to have led this Series C round and look forward to working closely with Aran and the management team in the years ahead.”

Built by People Who Understand Cloud Infrastructure

Aran and Nikhil Khanna founded Archera in 2019. Aran previously planned capacity for Azure’s core compute and database services at Microsoft and was a founding member of AWS’s deep learning team leading launches, including SageMaker, DeepLens, and the Neuron SDK, behind Amazon’s Trainium and Inferentia AI chips.

His research on deep learning model efficiency has been cited more than 1,900 times, and he serves on the FinOps Foundation governing board.

As AI transforms infrastructure economics, Archera aims to make cloud savings more accessible without forcing businesses to assume unnecessary financial risk.

To explore potential savings, request a free assessment at Archera.ai.

Free savings assessment: https://app.archera.ai/savings-estimate?utm_source=forbes&utm_medium=referral&utm_campaign=series-c-2026

Name: Sarah
Email Address: shiara@archera.ai
Phone Number: +13018255007

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SOURCE Archera

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