CALGARY, AB (July 29, 2021) NGIF Cleantech Ventures, a Canadian venture capital fund investing in cleantech innovation in the natural gas sector, today announced its inaugural investment: scale-up capital in ThermoLift.
NGIF Cleantech Ventures’ investment will accelerate the commercialization of ThermoLift’s flagship fuel-flexible natural gas and hydrogen enabled heat pump that can meet three energy needs – water heating, space heating, and air conditioning – from a single unit. ThermoLift’s TC3 patented Hofbauer Cycle Thermal Compression Climate Control unit represents a step-change in HVAC implementation and utilization. The TC3 can provide up to a 50%* reduction in HVAC cost of ownership, while providing a drastic reduction in end-use energy consumption.
“We were impressed by ThermoLift’s team members who bring decades of technical experience in the HVAC space, and a record of delivering satisfaction to customers where their residential units are currently deployed,” said John Adams, NGIF Capital Corporation President and CEO and NGIF Cleantech Ventures Managing Partner. “Looking at their approach, we believe that TC3 will greatly enhance the gas value proposition by showing how the fuel and the infrastructure can meet many energy demands – heating and cooling – while reducing costs and emissions.”
ThermoLift, founded in 2012 is based in the Advanced Energy Center at Stony Brook University with engineering headquarters in Livonia, MI, has raised over $40 million in funding including grants from the U.S. Department of Energy, the New York State Research and Development Authority, and NGIF Industry Grants. ThermoLift is well positioned to capture market share in cold weather markets that require both heating in the winter and air conditioning in the summer. In 2020 alone, approximately six million HVAC units were sold across southern Canada and the northern US, target markets for ThermoLift’s TC3 technology.
“We are pleased to partner with NGIF Cleantech Ventures based on their long history of focusing on cleantech innovation, startup acceleration, and industry connections,” said Paul Schwartz, ThermoLift Co-Founder and Director. “NGIF is not afraid to take on early-stage risk and has a track record of helping to build startups and SMEs that are solving challenges faced by the natural gas sector, which is very appealing to us.”
“Based on visionary leadership, industry-disrupting technology, and strong industry partnerships, we are confident that ThermoLift will emerge as a market leader in this space,” added Adams.
“ThermoLift’s natural gas heat pump is an efficient, low-emission, cost-effective product meeting a variety of energy needs. It 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.
*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 NGIF Cleantech Ventures
NGIF Cleantech Ventures is a $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, transmission, distribution, 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.About the Canadian Gas AssociationThe Canadian Gas Association is the voice of Canada’s natural gas delivery industry. Its membership includes natural gas distribution and transmission companies, equipment manufacturers, and suppliers to the industry. Our utility members are active in eight provinces and one territory and meet 35 percent of Canadians’ energy needs through a network of over 566,000 kilometers of underground infrastructure. This infrastructure can also be used to deliver renewable gases including renewable natural gas and hydrogen, in order to contribute to Canada’s greenhouse gas emission reductions. Today, over 7.2 million customer locations representing approximately two-thirds of Canadians, rely on natural gas for clean, affordable and reliable heating and power. CGA owns CGA Enterprises, which in turn owns NGIF Capital Corporation.
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.
NGIF Capital Corporation
President and CEO, NGIF Capital Corporation
Managing Partner, NGIF Cleantech Ventures