ThermoLift Selected as First Investment Made By NGIF Cleantech Ventures
STONY BROOK, N.Y., July 29, 2021 /PRNewswire/ -- ThermoLift, Inc. is pleased to announce that NGIF Cleantech Ventures, a Canadian venture capital fund investing in cleantech innovation in the natural gas sector, has chosen ThermoLift as its first scale-up capital investment in the portfolio with the New York-based energy innovator of HVAC solutions.
Founded in 2012, ThermoLift is now preparing for commercialization of its flagship offering, the TC3 (Thermal Compression Climate Control), a fuel-flexible natural gas and hydrogen-enabled heat pump that can provide simultaneous space heating, water heating, and air conditioning from a single unit at a projected cost and carbon intensity far less than any incumbent system. Based on the patented Hofbauer cycle, the TC3 can provide up to a 50% reduction in energy consumption*, particularly in cold weather markets. *
"ThermoLift is proud to be the first of NGIF Cleantech Ventures' investments. This partnership reflects our shared ambition toward a low carbon economy," said Paul Schwartz, ThermoLift Co-Founder and Director.
Jointly funded by prominent companies across Canada's gas industry, NGIF Cleantech Ventures is poised to take on every part of the gas value chain, from production to end-use. NGIF Cleantech Ventures, operated by NGIF Capital Corporation, offers equity financing for startups that deliver solutions to the environment and other challenges facing the natural gas sector.
"NGIF Cleantech Ventures is excited to be investing in ThermoLift, which has developed a cleantech solution to reduce energy consumption and costs for homes and businesses across North America," said John Adams, NGIF Capital Corporation President and CEO and NGIF Cleantech Ventures Managing Partner. "Their natural gas heat pump is an efficient, low-emission, cost effective product meeting a variety of energy needs. We are confident that ThermoLift will emerge as a market leader in this space."
"ThermoLift's technology delivers on customers' demands for affordable, clean, and reliable energy. We hope decision makers take note of this innovative technology—it is the kind of energy choice the gas industry can make available to Canadians," said Timothy M. Egan, President and CEO of the Canadian Gas Association and Chair of NGIF Capital Corporation, which operates NGIF Cleantech Ventures.
*Note: Efficiency estimates above are based upon independently verified lab test results (ORNL, 2018) for performance efficiency and Energy Plus software simulating emissions savings. The TC3 energy and cost savings will vary upon application, climate and input source energy utilized for power production of the local and regional electric grids, among other factors.
About ThermoLift, Inc.
ThermoLift, Inc. is headquartered at the Advanced Energy Research and Technology Center (AERTC) in Stony Brook, New York, and an affiliate of Stony Brook University's Clean Energy Business Incubator Program (CEBIP). ThermoLift's engineering, development, and testing center is located at Livonia, Michigan. ThermoLift's TC3 has been ranked # 1 in the DOE report "Energy Savings Potential and RD&D Opportunities for Commercial Building HVAC Systems." The DOE provided funding, and performance testing was conducted by Oak Ridge National Labs. The TC3 has received an agency field label approval for installation in buildings. This agency certification provides for installation across North America.
To learn more, please visit: ThermoLiftEnergy.com
About NGIF Cleantech Ventures
NGIF Cleantech Ventures CAD $50 million industry-led venture capital fund that makes equity investments in early-stage startups. The objective of the Fund is to grow cutting edge clean technology companies into commercial scale enterprises. The Fund's investments include solutions that lead to emissions reductions and other environmental benefits in existing natural gas production, storage, and end-use applications, as well as leading to the expanded production of renewable natural gas and hydrogen. NGIF Cleantech Ventures is operated by NGIF Capital Corporation, wholly owned by CGA Enterprises, a venture of the Canadian Gas Association.
To learn more, please visit: https://www. Ngif.ca/
Media Contact:
Paul Schwartz
Co-Founder, Director
ThermoLift, Inc.
Phone: 631-779-1370
[email protected]
Sarah Robinson
Manager, Communications
NGIF Capital Corporations
Phone: 613-282-1126
[email protected]
SOURCE ThermoLift, Inc.
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