May 19, 2020 – Ottawa, ON
Natural Gas Innovation Fund
The Natural Gas Innovation Fund (NGIF) announced today an investment of $434,144 in the development of a single-unit heating and cooling system, created by Stone Mountain Technologies Inc. (SMTI). This technology will provide an affordable and energy-efficient HVAC solution for residential and small to medium-sized commercial building applications.
SMTI is a leading developer of advanced heat-pumps for low-emission building heat. The company, headquartered in Johnson City, Tennessee, is developing a fully-integrated solution that replaces a furnace or boiler, air conditioner and hot water heater with a single, ultra-energy efficient “hybrid” unit. By replacing a building’s heating and cooling needs with a single unit and using proven and commercially-viable fuel-efficient technologies, SMTI will develop a cost-competitive product that can reduce heating and hot-water bills by 30-50 per cent. Homeowners will also save money on air conditioning if they are upgrading from a system of lower efficiency. The financial payback for the “one-box” system is expected to be very strong.
SMTI’s patented approach to the hybrid unit will be similar in size to a typical air-conditioning unit used outside the home and will not require a building’s existing infrastructure to be modified, as would be the case with electric heat pumps. This provides a more affordable and efficient pathway to reducing emissions from building HVAC loads. As more renewable gases are developed, scaling this approach will lead to the fastest and most practical way to reduce emissions and the energy footprint of our homes.
Along with the funding support of NGIF, SMTI’s project has also received support from the Northwest Energy Efficiency Alliance and Utilization Technology Development.
“The funding support of the Natural Gas Innovation Fund enables Stone Mountain Technologies to leverage cost-effective clean technologies in order to advance the next generation of affordable heating and cooling solutions that improve comfort and emissions reductions.”
Michael Garrabrant, Founder and CEO, Stone Mountain Technologies Inc.
“NGIF is excited to support the innovative solutions of Stone Mountain Technologies that will drive improvements in heating and cooling options for the Canadian building market. They have developed a unique hybrid unit that will reduce costs and improve energy efficiency for homes and businesses.”
John Adams, Managing Director, Natural Gas Innovation Fund
“Canada’s natural gas industry continues to support innovative technologies that provide Canadians with affordable and clean solutions for their energy needs at home. Stone Mountain’s technology is a great example of the types of projects we want to see to advance natural gas solutions – solutions that deliver customer needs of affordability, reliability, and superior environmental performance.”
Timothy M. Egan, President and CEO, Canadian Gas Association
NGIF Investors supporting Stone Mountain Technologies Inc.’s project:
About Stone Mountain Technologies Inc.
SMTI is a leading developer of cost effective, ultra-high-efficiency heating technologies using thermally-based heat pump cycles. Our products enable a major leap forward in the way homes, businesses and water are heated, reducing energy costs, improving comfort, and lowering CO2 emissions.
About the Natural Gas Innovation Fund
NGIF is an industry-led, industry-funded, granting organization created by the Canadian Gas Association that seeks to accelerate cleantech innovation in the production, pipeline transmission, and end-use of natural gas. In doing so, we aim to improve the environmental and economic performance of all in the sector. Our belief is that affordable, reliable, environmentally sound natural gas is a foundational fuel for Canada’s long-term well-being.
Canadian Gas Association
613-748-0057 ext. 310
Natural Gas Innovation Fund (Fund I) NGIF Cleantech Ventures (Fund II)
613-748-0057 ext. 326